The Solana-based memecoin Dogwifhat (WIF) saw a 28% price surge in just 24 hours. This sudden increase brought its market capitalization to over $2 billion. At the time of this publication, Dogwifhat’s price was just above $2, according to Coinmarketcap data. The memecoin’s 24-hour trading volume is just over $400 million. This makes Dogwifhat the leader in the memecoin sector. Its recent surge has made it the best-performing memecoin in the top 100 cryptocurrency list.
The memecoin’s recent success has attracted attention from crypto enthusiasts around the world. Many investors believe Dogwifhat’s market cap could reach $10 billion. This represents a potential 5X increase from its current price.
Dogwifhat is currently on an upward trend towards its all-time high price. Despite recent positive performances, the project is still 60% down from its all-time high of $4.80 recorded on March 31st, 2024. Nevertheless, the memecoin is gaining popularity and is now listed on 222 trading platforms.
The project’s success can be attributed to its active community members. They have participated in various marketing activities to raise awareness about Dogwifhat. In March, the community organised a crowdfunding program that raised almost $700,000. The main goal was to secure an advertisement deal to display the memecoin’s mascot on the Las Vegas Sphere. The fundraising target was $650,000, but the team raised $697,915, showing strong community commitment.
Mihir, one of the marketing organisers, stated he was “90%” sure that the proposal would succeed. If it does, the memecoin’s mascot will appear on the Las Vegas Sphere for an entire week. However, Mihir also noted that Sphere officials had internal meetings to discuss new crypto-oriented terms for the proposal. Although Mihir is confident, some community members are uncomfortable with the delay and lack of clear communication regarding the use of funds. Mihir assured that if the deal does not go through, all funds will be refunded to the contributors.
Since its launch in November last year, Dogwifhat has surged by more than 1,000,000%.
