A New Peak In The Memecoin Space: Dogwifhat (Wif) Takes The Lead.

Following the success of the advertising fundraising campaign in the US, the viral memecoin dogwifhat (WIF), which operates on the Solana network, reached new highs.

Following a successful fundraising effort that amassed over $700,000 to advertise the token's logo in the Las Vegas area of the US, the Solana-based viral memecoin dogwifhat (WIF) surged by 25%, reaching an all-time high of $3.

One of the leading figures of the advertising campaign, crypto trader Ansem, shared with his 235,000 followers on X (formerly known as Twitter) on March 13 that they had reached their goal.

The fundraising event named "Sphere Wif Hat" was launched on March 10th. So far, the campaign has raised over $702,000 in USD Coin, significantly surpassing the initial goal of $50,000.

Following the announcement of the campaign's success, the price of WIF surged by 25%, briefly taking the token's market value to $3 billion and its price to $3, according to TradingView data.

Continuing its upward trend into the afternoon hours, dogewifhat is currently trading at $3.23.

The campaign received significant support from within the Solana ecosystem, notably from the Solana-based Phantom Wallet, which shared a series of posts on its official social media account over the last three days to encourage more donations.

However, the team managing the campaign has yet to share any official documents with the public that would confirm the marketing activities have been approved by the Las Vegas area.

While some in the crypto world support the idea of dogwifhat appearing on the globe, others have warned that such actions might indicate the market is overheating.

Ryan Sean Adams, co-host of the Bankless podcast, humorously suggested that adding a crypto project to the globe might signify the peak of the current bull market. Adams claimed that the value of crypto assets tends to decline following the inclusion of any crypto project on the globe.

With its recent surge in value, WIF's market capitalization has reached $2.8 billion. This growth has propelled it ahead of other popular dog-themed cryptocurrencies like the original Solana memecoin Bonk (BONK) and Ethereum-based Floki Inu (FLOKI).

Upon its release, Dogwifhat ranked 51st in terms of market capitalization and was recognized as the fourth largest memecoin according to CoinGecko's memecoin index, trailing only behind Pepe, Shiba Inu, and Dogecoin.

Launched in late November of last year, WIF has delivered returns of over 1,000,000%, earning it the title of the top-performing memecoin of this cycle.