Dogwifhat (WIF) Meme Coin Community Plan to Put the Shiba Inu Mascot on the Vegas Sphere

The Solana {{SOL}} blockchain's red-hot meme coin dogwifhat (WIF) is heading to Las Vegas after community members raised enough funds to display the token's mascot

Solana (SOL)-based meme coin dogwifhat (WIF) is set to grace the Las Vegas Sphere after community members successfully raised funds to display the token's mascot, a Shiba Inu donning a pink beanie, on the city's orb-shaped entertainment venue.

The campaign, which aimed to showcase the token's presence in a major entertainment hub, attracted over $690,000 in donations as of Wednesday, fully completing the fundraising effort in less than four days and surpassing the $650,000 target, according to the campaign's website.

"Dogwifhat on sphere fully funded," Ansem, a leading figure of the campaign and one of the five controllers of the multisig wallet that received the donations, said in an X post.

iight bros, it's time, we're putting dogwifhat on the vegas sphere 🫨 https://t.co/lVm0Hjog8o pic.twitter.com/vK4LlXYs8G

— Ansem 🐂🀄️ (@blknoiz06) March 10, 2024

The campaign, which began last week, highlighted the growing popularity of meme coins, which are often created as parodies of popular cryptocurrencies and feature branding centered around internet memes.

Dogwifhat, which launched late last year, quickly became one of the most popular memes of this crypto market cycle, thanks in part to crypto investors' enduring affection for canine-themed coins such as dogecoin (DOGE), shiba inu (SHIB) and bonk (BONK).

Amplified by the attention from the Sphere campaign, WIF soared 35% over the past 24 hours, according to CoinMarketCap, as the broader crypto market saw bitcoin (BTC) and the CoinDesk 20 Index (CD20) advancing roughly 3%-4% during the same period.

The token also toppled floki (FLOKI) to become the fourth largest meme token by market capitalization, reaching a $2.6 billion market value months after its launch, according to Messari data. WIF is currently the 52th most valuable token among all cryptocurrencies, while the largest meme coin, DOGE, ranks 10th with a $24 billion market cap.

Meme coins, which are typically characterized by high volatility and a lack of strong fundamentals, comprise a small but growing portion of the overall digital asset market, and are generally considered to be among the riskiest assets within the already volatile cryptocurrency class.

Recently, meme coin prices have skyrocketed as the crypto market heated up with bitcoin reaching new all-time highs. These meme coin rallies have historically signaled increased frothiness on the market, often foreshadowing a correction.