• Dogwifhat community members are raising $650,000 to put the meme on the Vegas Sphere.

• Such behavior may mark a local top, some say, but the donation address has met less than 50% of its goal more than 24 hours since going live.

A recent run-up in meme coins is leading some communities to do things that usually signify frothy market behavior – depending on whom you ask.

Followers and community members of the runaway Solana hit Dogwifhat (WIF) are publicly raising funds to display the meme picture of a dog wearing a pink beanie cap on the Las Vegas Sphere.

The Sphere is a spherical entertainment venue that seats over 18,600 people, and the outside is a gigantic display panel that completely wraps around its dome. The dome can reportedly be rented out for $450,000 a day to display whatever its purchaser wants.

“WE’RE PUTTING A HAT ON THE SPHERE,” a donation page that went live early Sunday reads. It has raised nearly $300,000 of a targeted $650,000 as of Monday morning. Donations are only accepted in USD Coin (USDC) stablecoins to a wallet controlled by five individuals.

Blockchain data shows donation amounts range from $1 to as much as $9,999. Some developers have even floated a “Sphere Wif Hat” token, with hopes of it pumping so much that the donation goal is met.

Meanwhile, the effort has left X users divided on whether the WIF display is a sign of a cycle top, where crypto millionaires typically turn to doing whimsical things, or an advertisement that would further popularize WIF.

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