- Last Sunday, Solana’s Dogwifhat coin fetched $2.46 as the new all-time high.
- The WIF community runs a fundraiser to put the dog mascot on The Sphere.
- Deeping market correction sends WIF below $2, but Spot markets favor bulls.
The mega memecoin frenzy escalates with Dogwifhat’s (WIF) supporters setting up a fundraiser to put the community’s pink hat-wearing mascot on the Las Vegas Sphere. One of the globe’s biggest concert avenues, it can host up to 20,000 people during gigs and is one of the main tourist attractions in Vegas.
According to the fundraiser’s description, $650,000 in USD Coin (USDC) is expected to be raised so that the pink hat-rocking meme can decorate the landmark concert hall. Currently, $372,083.937 USDC has been raised in the multi-sig wallet, or 58% of the main goal. The move comes a week after rival canine coin Floki (FLOKI) struck a deal for advertisement in New York Times Square.
Dogwifhat Caught Up in the Meme Zeitgeist
WIF has already gained traction in the media, and the potential Sphere marketing campaign makes sense after WIF was discussed among Bloomberg’s financial analysts on live television. “Dogwifhat, for whatever reason, is catching the meme Zeitgeist,” uttered Bloomberg Technology host Caroline Hyde.
She refers to most mid-cap meme coins quadrupling in price in recent months, with WIF gaining 500% over the past 30 days. Currently trading at $1.90, WIF is the most expensive memecoin in the TOP 100 and claims a market cap of $1.938 billion. This tremendous upswing was unexpected, as even WIF’s deployer missed out on 1,160% gains due to premature sales.
Can Dogwifhat Fetch $3? On-Chain Metrics Decide
Following the impressive 500% monthly surge, WIF is experiencing a 10% market correction, with the drawdown visible on both Spot and Derivatives on-chain stats. To illustrate, WIF’s Open Interest (OI) has plummeted by 25% to $650 million, depicting a cool-down in Futures trading.
While Derivatives traders are in two minds about WIF, with a long versus short ratio of 0.9577, Binance’s users are the most bullish, with long positions nearly doubling WIF shorts. Spot markets favor the bulls; $7.78 million in bids for WIF outscore the pending sales by over $3 million, according to CoinPaprika data.
Two days ago, Solana’s canine coin topped $2.46, claiming a new all-time high on March 10, 2024. The way up will heavily depend on Solana’s dominance on its blockchain, as Bonk (BONK) has a marginally lower market capitalization but outshines WIF in daily trading volume, $324 million to WIF’s $206 million.
Sponsored
On the one-day charts, WIF’s Relative Strength Index (RSI) points to 63.6, meaning a slightly overbought condition. WIF’s potential to reach the $3 target heavily relies upon adoption, social hype, and community activities. If the Las Vegas Sphere eventually puts on the hat, Shiba Inu (SHIB) and Dogecoin (DOGE) could face a strong competitor for the top dog’s throne.
On the Flipside
- Dogwifhat’s OI funding rate dropped after $1 million in long position liquidations over the past 24 hours, while WIF’s social mentions have dramatically plunged.
Why This Matters
Memecurrencies have been the best-performing sector of alternative cryptocurrencies over recent months. Solana, the hosting Layer-1 blockchain of WIF and BONK, found a spot in the TOP 5 by global market capitalization.
Sponsored
Delve into DailyCoin’s trending cryptocurrency news:
Cardano Scrambles for Support as ADA Slips Below $0.7
Thai SEC Approves Bitcoin ETF Investments via Private Funds
