The Dogwifhat (WIF) community, riding the wave of the recent meme coin run-up, has embarked on an ambitious fundraising campaign to display their iconic meme on the Las Vegas Sphere, a massive entertainment venue known for its gigantic display panel.

TLDR

The Dogwifhat (WIF) community is raising funds to display the meme picture of a dog wearing a pink beanie cap on the Las Vegas Sphere.
The donation page has raised nearly $300,000 of the targeted $650,000 within 24 hours of going live, with donations accepted only in USD Coin (USDC) stablecoins.
Some users believe this behavior may mark a local top in the market, while others see it as an advertisement that could further popularize WIF.
Despite the fundraising efforts, WIF’s price has dropped by 6.86% in the last 24 hours, and the token’s trading volume and social interest have declined.
The success of the fundraising campaign and the potential impact on WIF’s price remain uncertain.

The donation page, which went live early Sunday, has already raised nearly $300,000 of the targeted $650,000 in just 24 hours, with donations ranging from $1 to $9,999 accepted exclusively in USD Coin (USDC) stablecoins.

The fundraising effort has sparked a debate among social media users, with some viewing it as a sign of frothy market behavior and others seeing it as an opportunity to further popularize the WIF token.

However, despite the community’s enthusiasm, WIF’s price has dropped by 6.86% in the last 24 hours, trading at $2.16 at press time.

On-chain data from Santiment also reveals a decline in the token’s trading volume and social interest, with the volume falling from 2.46 billion on March 6th to 317.14 million at press time.

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

This decrease in volume and social engagement suggests that interest in WIF may be waning, potentially indicating a local top for the token.

The Weighted Sentiment reading for WIF has also dropped and is on the verge of falling into negative territory, implying that positive comments about the token are diminishing.

As the fundraising campaign continues, the success of the initiative and its potential impact on WIF’s price remain uncertain.

Some traders speculate that if the community achieves its donation goal of $650,000, it could lead to a price pump as a form of celebration.

However, others caution that the declining interest in the token may present an opportunity to buy at a lower price before any potential rally driven by renewed hype.

The post Vegas Sphere Wif Hat: Dogwifhat (WIF) Community Raises Funds to Display Meme on Las Vegas Sphere appeared first on Blockonomi.

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Filed under: Bitcoin - @ March 12, 2024 9:18 am