The Solana-based Dogwifhat memecoin community has reached more than half of its fundraising goal for an ambitious project. On March 10, community member Ansem floated the idea of putting the Dogwifhat meme at the recently launched futuristic center called The Sphere in Las Vegas.
The proposal has since caught on and has now attracted over $350,000 in USDC, purportedly donated by community members. Notably, the raised amount represents more than 50% of the total $650,000 that the community-led advertising initiative plans to raise.
According to publicly available data, the amount will be sufficient to advertise on The Sphere for approximately one week. The motive evidently includes using the ad to build hype around Dogwifhat and attract more investors to the community
Is This a Dogwifhat and Memecoin Top Signal?
While certain members of the Dogwifhat community have willingly backed the proposal with donations, some in the crypto community believe it could be an indicator that the market top is imminent. In other words, there could be little to no upside remaining for new investors as frothy behavior becomes the norm.
Book marking this for when future market participants ask “what’s a top signal?”
— BoldLeonidas 🧙♂️ (@boldleonidas) March 10, 2024
Evidently, only time will show whether the current market behavior indicates a short-term top for memecoins following a remarkable period in the spotlight. As Coinfomania reported, the market cap for this sector of the crypto space gained over 37% in a single day, with many coins seeing triple-digit gains.
Dogwifhat, for its part, has also posted significant gains. The meme-inspired cryptocurrency has gained over 560% in the past month and 26% in the past week alone. Its market cap stands at around $1.9 billion, a retracement from its top of $2.42 billion reached earlier this week.
