On Wednesday, Dogwifhat (WIF) led the crypto market with a 16% surge to $1.37, becoming one of the best-performing cryptocurrencies in the last 24 hours. The token swam against the current as most of the top memecoins recorded red numbers, leading analysts to suggest a possible breakout for the token.
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Las Vegas Sphere About To Be WIF Hat
Dogwifhat has recovered from yesterday’s drop below the $1 mark following its team’s tease of the long-awaited Las Vegas Sphere project. On Tuesday night, the official Dogwifhat X account shared a picture of its mascot in Las Vegas.
The image included the cute dog with the Las Vegas Sphere as its hat and an old Nokia phone with “01.2025” on its screen. Additionally, the account stated that the “hat stays on,” explaining that dates will be shared “as soon as we are allowed.”
The bullish tease propelled the token back to its recently lost support of $1.30 and reignited the broader community’s interest in the memecoin.
WIF became the memecoin sensation of 2024, reaching an all-time high of $4.88 last March. The token also led the memecoin narrative during Q2 and recovered some of its early glory during the December pump.
However, WIF’s spotlight was eclipsed by the oversaturated memecoin sector and the rise of many other market sensations like PNUT and CHILL, dropping 40% in the last six months and 75% from its ATH.
During its 2,000% growth phase, many crypto investors put their hats on, which prompted a massive fundraising campaign to display the memecoin in the Las Vegas Sphere, the world’s largest LED screen, for a week.
The community raised $700,000 to achieve this dream but was left in the dark over the last several months. In July 2024, many investors expressed concern and frustration about the project after Crypto.com displayed Bitcoin’s logo on the Sphere.
Some community members questioned the project, calling the initiative an alleged scam. However, the organizer repeatedly assured the WIF community that they were working to make “wif on Sphere” happen soon.
Is the Dogwifhat Bottom In?
Crypto analyst Altcoin Sherpa shared his outlook on WIF’s recent performance. He suggested that the pump doesn’t seem “actually real/sustainable” based on the “overall chart/market conditions.”
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