Solana-based memecoin Dogwifhat (WIF) witnessed a 28% price surge in 24 hours. This sudden increase brought its market capitalization to over 2 billion dollars. Digwifhat’s retail price was hovering just above $2 at the time of this publication, according to raw data from Coinmarketcap.
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According to Coinmarketcap, Dogwifhat’s 24-hour trading volume currently sits at just over $400 million. The dog-themed memecoin’s $2 billion market cap makes it the leader in the memecoin pack. The project’s recent price surge propelled it to the top, making it the best-performing memecoin project in the top 100 cryptocurrency list.
Memecoins are proving to be the strongest performers in the #crypto industry during this bull run!
📈 $WIF is currently leading the #memecoin market, currently sitting at $2B market cap, many believe $WIF has the potential to reach a $10B market cap. 🔥
Among the top 100… pic.twitter.com/zomyQrDVo7
— Lucky (@LLuciano_BTC) July 6, 2024
The meme coin’s recent metrics have garnered the attention of many crypto enthusiasts globally. Many investors believe that the Dogwifhat market cap can reach the $10 billion mark, representing a 5X potential from the current price.
Dogwifhat community raises nearly $700,000
The Dogwifhat community raises nearly $700,000. Source: Dogwifhat
WIF is currently on an upward trajectory towards its all-time high price. Despite recording positive performances, the project is still 60% down from its all-time high price of $4.80, recorded on March 31st, 2024. On the flip side, the memecoin has continued to gain increasing popularity and has so far been listed on 222 trading platforms.
WIF’s success so far is partially attributed to the project’s active community members, who have participated in various marketing activities to raise awareness about the project. In March, the community members, led by five individuals, organized a crowdfunding program that raised almost $700,000.
The main objective of the crowdfunding program was to strike an advertisement deal to put the meme coin’s mascot on the Las Vegas Sphere. The initial target for the fundraising program was $650,000.
The team raised $697,915, showing the community members’ commitment to the project. Mihir, one of the officials organizing the marketing gig, stated that he was “90%” sure that the proposal would pull through and that the memecoin would get the marketing slot on the Las Vegas Sphere. Once the advertisement deal goes through, the meme coin’s mascot will air on the Las Vegas Sphere for an entire week.
Dogwifhat contributors have been waiting since March
Mihir also stated that officials managing the Sphere had internal meetings to develop new crypto-oriented terms for Dogwifhat’s proposal. Mihir did not give details on the ongoing discussions with Sphere representatives and only said that the marketing leads were still negotiating to meet all the requirements and criteria.
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Although Mihir is 90% confident that the memecoin will land the advertisement slot, some members expressed their discomfort following the delay. Some argued that the lead representatives who planned the fundraising did not communicate efficiently how the funds would be used.
Mihir emphasized that if the deal does not pull through, all the funds will be refunded to all those who contributed. As of this publication, WIF has surged by more than 1,000,000% since November last year, when it launched.
Cryptopolitan reporting by Collins J. Okoth