If the community around Solana memecoin dogwifhat ( WIF
+1.01%
) gets its way, a picture of a Shiba Inu in a hat will soon grace the Las Vegas skyline for a week.
That's because a new initiative, unsurprisingly titled "sphere wif hat," seeks to raise $650,000 for one week of advertising the memecoin on Sphere, Las Vegas's recently-launched LED-outfitted spherical event venue.
So far, the initiative has raised over $240,000, with many of the donations coming in at the $1-$100 range, according to blockchain data, though two wallets donated $9,999, currently the highest amount donated in a single transaction.
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Not just small-dollar donations; several whales have pledged more than $1,000 for the cause. Source: The Block analysis of blockchain data provided by Solscan.
Dogwifhat has been on a run in recent days, hitting an all-time high on March 6th following the coin's listing on Binance. The coin is currently trading at $2.22, up 1.66% over the past 24 hours, according to The Block's Price Page as of 4:15 pm EST.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Bitcoin's price isn't the only metric testing new all-time highs.
The Lightning Network, a second-layer payment protocol on Bitcoin designed to speed up payment transactions, has experienced a recent surge in U.S. Dollar capacity, gaining 37% in the last month alone, according to data from The Block. However, bitcoin capacity on the network fell 5% over the same period.

Currently, the Lightning Network has nearly $325 million in U.S. dollar capacity, a notable all-time high, while bitcoin capacity, currently at 4,680, is 17% lower than its all-time high, according to The Block's data. The increase in capacity in U.S. dollar terms is somewhat unsurprising, as bitcoin tests new all-time high price levels. Previous records for Lightning Network capacity also corresponded with bitcoin's price rallying.
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The Lightning Network's capacity refers to U.S. Dollars and bitcoin locked in bi-directional payment channels built over the Bitcoin blockchain, enabling quick, low-cost transactions, with final settlement on the Bitcoin blockchain.
David Marcus, CEO of enterprise-grade Lightning Network firm Lightspark, highlighted the importance of building out the infrastructure and capacity of the network in an episode of The Scoop podcast last June. “Particularly because we can actually guarantee that even larger payments succeed on Lightning, which in the past has been pretty hard to achieve,” Marcus told The Block.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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