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The Dogwifhat community raised $650,000 to display a meme on the Las Vegas Sphere, leading to a 48% surge in WIF prices. Other meme coins like Pepe, Dogecoin, and Mog also saw significant gains.
The PoliFi sector, revolving around U.S. politicians, has seen a rise in tokens like BODEN (misspelled Joe Biden) and TREMP (misspelled Donald Trump). Investment managers believe the meme coin mania is likely to last longer due to low fees on platforms like Solana.
A meme coin frenzy continues to grow within crypto circles as the sector rallied 12% on average in the past 24 hours, beating the broader crypto market.
Prominent meme tokens of the Ethereum and Solana ecosystem first started to gain momentum in late February as a way to bet on the growth of a blockchain. Memes such as floki (FLOKI) and shiba inu (SHIB) jumped as much as 800% within a seven-day period amid volatility.
Traders are now calling for the “next round” on the sector as the Dogwifhat (WIF) community managed to raise over $650,000 to put a picture of the meme on the Las Vegas Sphere, an entertainment venue with a gigantic display panel that completely wraps around its dome.
WIF prices rocketed 48% in the past 24 hours, data shows, the most among counterparts. Bonk jumped 18% following a Franklin Templeton report that mentioned the tokens Pepe (PEPE) rose 14% to reach fresh lifetime highs, dogecoin (DOGE) added 8%, while smaller tokens, such as Mog, were up as much as 35%.
PoliFi tokens such as BODEN and TREMP, misspelled versions of Joe Biden and Donald Trump, jumped as much as 300%. BODEN’s run came as an automatically generated Coinbase article about buying the token went viral on X.
PoliFi is a relatively new sector that revolves around U.S. politicians. Since early March, traders have been using such tokens to bet on the victory of the next president, as CoinDesk reported.
Meanwhile, some investment managers pointed out the meme coin mania was likely to keep going as users were able to gamble small amounts of capital for cheap – in hopes of a substantially large profit.
“This mania is likely going to last longer than most people think,” Tushar Jain, co-founder of Multicoin Capital, said on X. “Past meme coin manias died because of Ethereum’s fees. It doesn’t make sense to punt around $100s when fees are also $100s.”
“I expect Solana meme coin mania to last much longer due to low fees,” Jain added. Solana’s ecosystem has seen a meme coin frenzy since December, following rapid rises and success stories in WIF and BONK.
Still, the sector remains volatile and ripe for scams. DEXTools data shows that hundreds of meme tokens, with themes ranging from frogs to Spider-Man, were issued by opportunistic developers in the past 24 hours.
Most have dropped 100% after a few hours of going live, possibly representing thousands of dollars in losses for hopeful investors.
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