The price of the viral Solana-based memecoin dogwifhat (WIF) has surged another 25% to reach a new all-time high of $3 as fans of the memecoin raised over $700,000 to advertise the token’s logo on the Las Vegas sphere.

“Dofwifhat on sphere fully funded,” wrote crypto trader Ansem, a leading figure of the campaign, in a March 13 post to his 235,000 followers on X.

Dogwifhat hits record high following $700K Vegas Sphere fundraise image 0

The “sphere wif hat” campaign has reached its fundraising goal. Source: Ansem on X

The crowdfunding effort dubbed “Sphere Wif Hat” went live on March 10. It has now generated over $702,000 in USD Coin ( USDC )-denominated donations — overshooting its initial goal of by more than $50,000.

Immediately following the announcement of the success of the campaign, WIF’s price spiked 25%, briefly pushing the token to a new all-time high of $3 and a total market capitalization of $3 billion, per TradingView data .

The price of dogwifhat has currently leveled out is currently changing hands for $2.88.

Dogwifhat hits record high following $700K Vegas Sphere fundraise image 1

Dogwifhat notched a new all-time high of $3 following the success of the campaign. Source: TradingView

The campaign was supported by several large players within the Solana ecosystem, with the official social media account for the Solana-based Phantom Wallet making several posts to encourage further donations over the last three days.

It’s worth noting that the leaders of the crowdfunding effort have not yet offered any public documentation to confirm that the marketing campaign has been accepted by the Las Vegas sphere.

Cointelegraph contacted Ansem and several other event organizers but did not receive an immediate response.

Not everyone within the crypto industry was pleased with the idea of seeing dogwifhat on the sphere, suggesting that such behavior could be a signal that the market is getting overheated.

Bankless co-host Ryan Sean Adams jested that putting a crypto project on the sphere would mark the top of the current bull run — suggesting that prices of crypto assets would crash soon after any crypto project was put on the sphere.

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Adams said dogwifhat going to the sphere would be a top signal. Source: Ryan Sean Adams on X

WIF’s recent price surge has seen its total market capitalization surge to $2.8 billion — pushing its total value well above that of the original Solana memecoin Bonk (BONK) and other dog-themed tokens on Ethereum such as Floki Inu (FLOKI).

At the time of publication, dogwifhat stands as the 51st largest cryptocurrency by market capitalization, and the fourth largest memecoin on the CoinGecko memecoin index , beaten out only by Pepe ( PEPE ), Shiba Inu ( SHIB ), and Dogecoin ( DOGE ).

WIF has been the best-performing memecoin of the current cycle, posting gains of more than 1,000,000% since its launch in late November last year.