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The Dogwifhat (WIF) community has raised $303,532 of a possible $650,000 to project their memecoin logo on the Las Vegas Sphere. The Las Vegas Sphere has become one of the most notable concert and event venues in Nevada, United States. The reason for this is that more hype can bring in more owners. However, AMBCrypto observed that this public contribution came at a time when WIF prices were falling.
Will WIF Reach Vegas?
While all this was happening, WIF was trading at $1.91. There was a 14.81% decrease in the last 24 hours. Despite the declines, data provided by Solscan shows that donations for the major event, which started on March 10th, have continued unabated.
When WIF entered the market, the calendar was pointing to the year 2023. Immediately after its market debut, the cryptocurrency’s price began a steep ascent. The token had risen above $2 with the influence of the last bull run but later retracted a bit.
Over the last 30 days, looking at the price of WIF, the price performance at the time of writing indicated a 657.07% increase, placing the memecoin within the top 60 in terms of market value by volume.
However, when it comes to volume, on-chain data indicated a change. On March 6th, WIF’s volume had risen to $2.46 billion. However, as of the time of writing, this value had fallen to $317.14 million.
This decrease in volume could be interpreted as a decline in interest in the token and that WIF may be falling from a local peak following recent developments.
The Future of WIF
Looking at WIF’s social values, data provided by Santiment showed that social volume had decreased. Social volume is determined by mentions of coins in subreddit groups, discord, private trader chats, and other channels, which influence this metric.
As the on-chain transaction volume shows, the decrease in this metric indicates a waning interest in WIF. On the other hand, the decreased interest could be seen as an opportunity for investors aiming to buy the token at a lower price. A potential surge in excitement could impact the price.
Considering all these situations, it was observed that positive comments on the WIF side were gradually decreasing. If the Weighted Sentiment turns negative, the price of WIF could fall further.
