Huge memecoin fever has escalated, with Dogwifhat (WIF) enthusiasts organizing fundraising to place the community’s pink hat-wearing mascot on the Las Vegas Sphere. One of the world’s largest music arenas, it can accommodate up to 20,000 people during performances and is a popular tourist destination in Vegas.
Dogwifhat Caught Up in the Meme Zeitgeist
According to the fundraiser’s description, $650,000 in USD Coin (USDC) is expected to be raised so that the pink hat-rocking meme may be shown in the iconic music theatre. Currently, $372,083.937 USDC has been raised in the multi-sig wallet, representing 58% of the overall objective. The move came a week after rival canine currency Floki (FLOKI) won an agreement to promote in New York Times Square.
WIF has already acquired media attention, and the possible Sphere marketing effort makes sense given that it was debated on live television by Bloomberg’s financial analysts. “Dogwifhat, for whatever reason, is catching the meme Zeitgeist,” said Caroline Hyde, Bloomberg Technology anchor.
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She outlines how most mid-cap meme coins have quadrupled in price in recent months, with WIF up 500% in the last 30 days. WIF is now selling at $1.90, making it the most expensive memecoin in the TOP 100, with a market capitalization of $1.938 billion. The massive increase was unanticipated, as WIF’s deployers missed out on 1,160% gains owing to early sales.
Can Dogwifhat Fetch $3? On-Chain Metrics Decide
Following an amazing 500% monthly increase, WIF is undergoing a 10% market correction, as seen by the dip in both Spot and Derivatives on-chain statistics. To demonstrate, WIF’s Open Interest (OI) has fallen by 25% to $650 million, indicating a slowdown in futures trading.
While derivatives traders are split on WIF, with a long-to-short ratio of 0.9577, Binance users are the most optimistic, with long holdings nearly double WIF shorts. Spot markets favour bulls; $7.78 million in WIF bids outnumber pending sales by more than $3 million, according to CoinPaprika statistics.
Two days ago, Solana’s canine currency surpassed $2.46, setting a new all-time high for March 10, 2024. The road forward will be mainly reliant on Solana’s supremacy on its blockchain, since Bonk (BONK) has a little smaller market value but outperforms WIF in daily trade volume, from $324 million to WIF’s $206 million.
On the one-day charts, WIF’s Relative Strength Index (RSI) is 63.6, indicating a slightly overbought position. WIF’s ability to attain the $3 objective is primarily reliant on adoption, social excitement, and community engagement. If the Las Vegas Sphere ultimately puts on the hat, Shiba Inu (SHIB) and Dogecoin (DOGE) may face stiff competition for the top dog’s crown.
