The 2024 year has been an exciting one for cryptocurrency investors and traders with the price of Bitcoin hitting all-time highs and meme coins once again having their spotlight.
One of the biggest trending meme coins has been Dogwifhat WIF/USD, which hit new highs on Wednesday. The meme coin could be getting an even bigger spotlight soon.
What Happened: Similar to other Dog-themed meme coins, Dogwifhat is based on a meme of a dog. This time, the dog in question is a Shiba Inu dog wearing a woven beanie.
Built on the Solana SOL/USD blockchain, Dogwifhat has been a top trending cryptocurrency and one of several Dog-themed coins to cross the $2 billion market capitalization in its lifetime.
A campaign by the Dogwifhat community recently raised more than $650,000 to put the Dogwifhat image on the Las Vegas Sphere.
Opened in 2023 and owned by Sphere Entertainment Co SPHR, the Las Vegas Sphere features one of the largest digital screens for advertising.
Images and advertisements on the sphere have gone viral and attracted top companies to shell out a daily rate of $450,000 and up, or $650,000 for multiple days.
Dogwifhat passed the fundraising goal in three days and sits at nearly $691,000 at time of writing. With the funds raised, the team is expected to put the meme and potentially some link to the meme coin on the Las Vegas Sphere.
"Bink! Dogwifhat on sphere fully funded," community member Ansem tweeted.
News of the campaign goal being reached and continued optimism in the meme coin led to dogwifhat hitting a new all-time high of $2.68 on Wednesday.
"Wow the degens are really putting the dogwifhat on the Las Vegas Sphere. This cycle is going to get crazier than you can imagine. WIF +20% to $2.40 today too. Market likes the Sphere…" crypto writer and host Tyler D. tweeted.
Related Link: Dogwifhat Off The Leash With 16% Single Day Rally: ‘WIF Has Captured The Meme Zeitgeist,’ Says Bloomberg Host
Why It's Important: The Las Vegas Sphere is one of the largest venues in Las Vegas and its large outdoor screen can not be missed by tourists on the Las Vegas Strip or flying into the city.
The venue attracted extra attention during a Formula 1 event in Las Vegas and Super Bowl LVIII, which was hosted in the city.
Inside the venue, guests can experience movies and special events along with musical performances from legendary bands U2, Phish and Dead & Company, who have played or are scheduled to play at the venue.
Dogwifhat previously got a boost when an image of a beanie hat on the New York Bull near Wall Street went viral. Crypto traders are already anticipating what the image being seen on an even "larger" screen could mean.
Listings of Dogwifhat on Binance and Robinhood Europe have also led to increased price action in the meme coin.
As those who are familiar with Dogwifhat would say, "Hat stays on."
WIF Price Action: Dogwifhat trades at $2.66 at the time of writing Wednesday, up 37% over the last 24 hours. The coin has a market capitalization of $2.65 billion at the time of writing Wednesday.
Read Next: Dogecoin, Shiba Inu Welcome Dogwifhat In $2B Market Cap Club: Why Do Dogs Dominate Cats in Crypto?
Image generated by artificial intelligence MidJourney
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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