Price data from Decrypt’s Art, Fashion, and Entertainment Hub shows some exciting movements in the cryptocurrency market. The Solana meme coin, Dogwifhat (WIF), has jumped significantly in the past 24 hours. This surge came after the token's official X account made some intriguing updates about its planned advertisement on the Las Vegas Sphere.
It’s been over nine months since five organizers raised $700,000 to promote Dogwifhat on the Sphere. This campaign faced a lot of criticism, especially aimed at influencer Ansem because of his large following. Many supporters wanted their money back, doubting whether the advertisement would ever happen.
On Tuesday evening, the Dogwifhat X account shared a post saying, “Officially confirmed. Viva hat vegas.” The post featured its mascot wearing the Sphere as a hat and holding a phone displaying “Q1 2025.” This may hint at when the advertisement will launch. However, the post was quickly deleted and reposted without the “officially confirmed” phrase.
A reply from Dogwifhat stated, “Dates as soon as we are allowed to share,” adding, “Hat stays on.” As a result, WIF spiked by 34.7% to $1.34 within four hours, according to CoinGecko data. Still, WIF is down 6.2% over the past week and has dropped 72% from its all-time high reached in March 2024, the same month the funds for the Sphere were raised.
Shortly after the X post, $697,811 was transferred from the Wif Sphere multi-sig wallet to a new, unnamed wallet. These funds are currently sitting in that wallet. On-chain data shows that a small amount of USDC was sent to a Coinbase wallet from this new wallet just an hour before the large transaction.
This all comes just days after criticism intensified around the Sphere Wif Hat campaign. People noticed that $100 was moved out of the original multi-sig fundraising wallet. Last year, more than $13,000 was transferred to this multi-sig wallet through multiple transactions, all directed to the same wallet. It seems that wallet later used the funds for gambling on meme coins.
In response, Ansem explained that the larger movement of funds was to pay those who set up the website and made merchandise hats. He called the most recent transaction a “test.” But there was also a separate test transaction of $4.20 sent to a different wallet before the $697,000 transaction.
For now, the Dogwifhat team insists they are confident the Sphere advertisement will happen. However, they aren’t ready to call it “officially confirmed.”
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In other news, Ronald Branstetter, the creator of a meme coin that reached a market cap of $420 million, has changed his tune about cryptocurrency. Just six weeks ago, he was skeptical. Now, he says he lost everything in a wallet hack. Branstetter launched Unicorn Fart Dust (UFD) from his basement in December. His goal was to prove to his YouTube audience, who mostly invest in gold and silver, that crypto is worthless. He called it “Unicorn Fart Dust.”
Many meme coin gamblers saw this dramatic turn of events.
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Metaplanet Inc., often referred to as Japan’s MicroStrategy, has announced a massive $745 million (¥116 billion) fundraising initiative. This is being called “Asia’s largest-ever equity capital raise for Bitcoin.” The company, listed on the Tokyo Stock Exchange, plans to issue 21 million shares of 0% discount moving strike warrants. This means the price investors pay for shares will be tied directly to the market price at the time of purchase. This approach avoids diluting existing shareholders, which is a common issue with discounted warrants.
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Lastly, Ronald Branstetter, who initially focused on traditional investments, found himself surprised by the success of a meme coin named Fartcoin (FARTCOIN). It skyrocketed to a $500 million market cap—now $1.4 billion. He was used to the ups and downs of gold and silver markets, but this kind of volatility was new to him. For a long time, he referred to cryptocurrency (and fiat currency) as “Unicorn Fart Dust.”