Bitcoin Became First Cryptocurrency to Debut on Las Vegas Sphere, Beating Dogwifhat

Bitcoin has made an appearance on the Las Vegas Sphere, a colossal globe-like screen visible from miles away, courtesy of an advertisement from crypto exchange Crypto.com.

On Monday, a video shared by Crypto.com showcased the leading cryptocurrency, with the massive Bitcoin logo dominating the Las Vegas Strip.

The display then transitioned to show numerous golden digital Bitcoins gracing the screen, accompanied by the Crypto.com logo.

Bitcoin Becomes First Crypto to Debut on Las Vegas Sphere

Bitcoin, the largest cryptocurrency by market capitalization and the pioneer of the broader crypto industry, has become the first to secure the advertising spot.

However, it wasn’t the only contender.

Back in March, the community behind the Dogwifhat (WIF) meme coin raised over $700,000 to feature their token on the Sphere.

Despite their efforts, there had been no visible progress in getting their mascot displayed, leading to speculation that the Las Vegas landmark might be reluctant to host cryptocurrency advertisements.

The recent Bitcoin advertisement has sparked renewed hope within the Dogwifhat community.

Some members believe that if Bitcoin could make it, their token might have a chance too.

Ansem, a notable pseudonymous meme coin trader and one of the organizers of the Dogwifhat fundraiser, reposted the video with a simple smiley face, signaling optimism.

Many in the community interpreted this as a sign that Dogwifhat’s turn might be imminent.

However, not everyone shares this optimism.

The lack of clear updates regarding the “Sphere Wif Hat” campaign has frustrated some supporters.

Free, another pseudonymous Dogwifhat investor, sarcastically remarked on Twitter that the Bitcoin display must be an AI-generated deepfake, given previous assurances that the Sphere wouldn’t feature crypto advertisements.

Bitcoin made an appearance on the Sphere last night and instantly became the coolest cryptocurrency pic.twitter.com/2V5vmJs0h3

— Las Vegas Locally 🌴 (@LasVegasLocally) July 23, 2024

The Dogwifhat community’s Telegram channel has even set up an automatic response for the frequent inquiries about the campaign’s status.

The automated message reassures members that they will be notified once a concrete date is set, emphasizing that efforts are ongoing to secure a partnership and maximize the impact of their advertising campaign.

Despite the excitement, some organizers, including Mihir and Quasi, have not provided further comments or updates.

In terms of market performance, Dogwifhat (WIF) has seen a 7% drop in its value over the past 24 hours, currently trading at $2.56.

Bitcoin, in contrast, has experienced a relatively minor decline of about 2% during the same period.

Bitcoin Spot ETFs See $78M in Outflows

Bitcoin spot ETFs witnessed outflows amounting to $77.9704 million on July 23, marking the first net outflow after twelve consecutive days of net inflows.

Among the ETFs, Grayscale’s GBTC recorded a notable net outflow of $27.3094 million, according to data from SoSoValue.

Similarly, the Ark & 21Shares ETF experienced a substantial outflow of $52.29 million, while Bitwise saw an outflow of $70.32 million.

In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) defied the trend with a net inflow of $71.9426 million.

As reported, digital asset investment products saw a substantial inflow of $1.35 billion last week, bringing the total inflows over the past three weeks to an impressive $3.2 billion.

Bitcoin remained a popular choice among investors, attracting $1.27 billion in inflows last week.