Dogwifhat (WIF) Eyes Breakout After $700K Sphere Fundraising

On Wednesday, Dogwifhat (WIF) rose to a standout in cryptocurrency, rising 16% to $1.37. That rise placed it amongst the top performers in the past 24 hours

Memecoin Dogwifhat (WIF) enjoyed a standout performance on Wednesday, surging 16% to $1.37. This rise positioned WIF among the top performers over the last 24 hours, a notable achievement considering the majority of the leading memecoins experienced losses. This momentum has prompted experts to speculate on a potential breakout for WIF.

The rapid surge follows Dogwifhat’s recovery from a dip below the $1 mark on Tuesday. Dogwifhat X’s Twitter account shared an image of its mascot in Las Vegas. In a tweet, the fan-favorite meme coin’s mascot wore the Las Vegas Sphere hat and held an antique Nokia phone displaying “01.2025” on its screen. Cryptically, the caption stated, “The hat stays on,” and teased future announcements “once we’re allowed.”

This announcement reignited enthusiasm within the WIF community, driving the token back to the $1.30 support level.

Dogwifhat was a hot topic among memecoins in 2024, reaching an all-time high (ATH) of $4.88 in March. It dominated the memecoin narrative during Q2 and experienced a resurgence in December. However, the token has faced challenges, losing 40% of its value in the past six months and remaining 75% below its ATH.

The decline in WIF’s prominence occurred as the memecoin sector became more saturated, with new tokens like PNUT and CHILL capturing market attention.

After $700K Sphere Fundraiser, Dogwifhat Eyes Breakout

During its meteoric rise, the Dogwifhat community united for a bold goal: to have the token displayed for a week on the Las Vegas Sphere, the world’s largest LED screen. The fundraising campaign successfully attained $700,000.

However, development stalled, and frustration grew within the community by mid-2024. There were concerns about the project’s authenticity, especially when Crypto.com displayed Bitcoin’s logo at the top of the Sphere in July. Despite skepticism, officials maintained that the Sphere development was still in the works.

Crypto expert Altcoin Sherpa expressed skepticism regarding WIF’s current rally, suggesting it may not be sustainable based on broader market trends. According to him, a break and consolidation above $1.23 would be crucial for the token to experience further upside.

Meanwhile, prominent trader Bluntz hinted at the possibility that WIF may be nearing its bottom. He observed positive signs on lower timeframes and reiterated his earlier prediction of a retracement to $1 before a potential parabolic move to new highs.

This ironically has potential to be the $wif bottom.

The major A wave has now been swept, the bear market obviously lasted longer than i had originally anticipated but there’s some nice signs of life forming here on ltfs.

Obviously very early days and we haven't seen a 5 wave… https://t.co/p5HhwIZz0t pic.twitter.com/uzz4RUfxvI

Additionally, observers noted a descending wedge shape in WIF’s price chart. They believe that if WIF manages to break through $1.40, it could aim for $1.90.

At the moment, Dogwifhat trades at $1.19 USD with a 24-hour trading volume of $926,106,797 USD. Dogwifhat is down 10.60% in the last 24 hours. Only time will tell if this surge will mark a sustained return to form or a short-lived pump. As everyone eagerly awaits the Las Vegas Sphere development, it could serve as a powerful catalyst for the token’s new era.