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Solana’s Dogwifhat Raises Nearly $700,000 for Massive Ad Campaign
Solana’s latest sensation, Dogwifhat, has managed to raise an impressive sum of almost $700,000 in funds aimed at displaying its iconic beanie-wearing dog on the largest screen in the world. The initiative, known as “Sphere Wif Hat,” was introduced online on Saturday with the ambitious goal of securing enough resources to showcase the beloved Dogwifhat on the massive LED display at Sphere, an entertainment venue located in Las Vegas.
Today, the fundraising effort has successfully met its target of $650,000, a figure that purportedly covers the expenses for a week of ad space at Sphere. Despite reaching the goal, the campaign has continued to receive contributions due to its escalating popularity and momentum.
Support for the “Sphere Wif Hat” endeavor was significantly amplified by key figures within the Solana ecosystem. Notably, the Solana wallet Phantom prominently featured the fundraiser on its homepage as it neared its fundraising goal, resulting in a rapid influx of over $100,000 towards the initiative’s wallet.
A substantial portion of the donations attributed to “Sphere Wif Hat” consisted of minor amounts denominated in USDC, with individual donations ranging from $1 to $10.
Following the successful outcome of the campaign, the value of Dogwifhat (WIF) experienced a significant spike of 18% in a matter of minutes. Presently, the token is trading at $2.66, marking a 36% surge over the last 24 hours and establishing a new record high of $2.68.
As a result of this surge, WIF’s market capitalization has surpassed not only that of its Solana-based competitor BONK but also the current leading Ethereum dog coin, FLOKI. With a market cap of approximately $2.56 billion, Dogwifhat now ranks as the fourth-largest meme coin globally, trailing only Pepecoin, Shiba Inu, and the $24 billion behemoth Dogecoin.
The prospect of showcasing Dogwifhat’s image on a 580,000 square foot screen visible from the stratosphere seems all the more appropriate given its newfound status in the market. However, questions remain about the logistics of executing the advertisement.
As of now, the five organizers responsible for the fundraiser have yet to provide evidence of communication with Sphere’s marketing team or confirm any financial commitments for the ad placement. While one member of the group indicated contact with Sphere, it remains unclear how any surplus funds will be allocated within the marketing budget.
Attempts to reach out to Sphere for comment on their engagement with the “Sphere Wif Hat” initiative have not elicited a response thus far. The saga continues as enthusiasts await the realization of this ambitious ad campaign.
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