The price of the Solana-based memecoin WIF has surged by 25% to hit a new all-time high of $3 as supporters of the memecoin raised over $700,000 to advertise the token’s logo on the Las Vegas sphere.

The crowdfunding campaign known as “Sphere Wif Hat” was launched on March 10 and has successfully raised over $702,000 in donations, surpassing its initial goal by more than $50,000.

Following the campaign’s success, WIF’s price spiked by 25%, briefly reaching $3 and a total market capitalization of $3 billion. Currently, the price of dogwifhat stands at $2.88.

The campaign received support from key players within the Solana ecosystem, with the official social media account of the Solana-based Phantom Wallet actively encouraging further donations.

While the success of the campaign led to a surge in WIF’s price, not everyone in the crypto industry was in favor of the idea. Some suggested that placing dogwifhat on the sphere could indicate an overheated market.

Despite criticisms, WIF’s recent price surge has propelled its total market capitalization to $2.8 billion, surpassing other dog-themed tokens like Bonk and Floki Inu. Currently, dogwifhat ranks as the 51st largest cryptocurrency by market capitalization and the fourth largest memecoin on the CoinGecko memecoin index.

Since its launch in late November last year, WIF has been the best-performing memecoin of the current cycle, with gains exceeding 1,000,000%.

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