In the grand drama of Dogwifhat, what transpires in Las Vegas is shrouded in mystery.
The Solana (SOL)-based currency found itself in precarious position, having lost over 11% of its value at the latest check on Saturday. This downturn follows the meme coin’s attempt to clarify the prolonged delay of a crowdfunded campaign to launch an ad at the Las Vegas Sphere.
The Dogwifhat (WIF) official X account revealed that organizers have been in intense negotiations with several parties to execute an advertisement placement at the Sphere, a high-tech arena known for its 360-degree LED display.
However, a representative from the Las Vegas Sphere denied any agreement to feature the Dogwifhat meme coin at the venue, as reported by Decrypt.
This revelation left fans of Dogwifhat feeling rather miffed, forcing the meme coin team to clarify the situation via X.
The Wif Sphere organizers have been in ongoing negotiations with various parties to collaborate on the Sphere ad placement. Since the Wif team is not a corporate entity, the organizers are collaborating WITH an established brand to execute this advertisement. Timeline has been…
According to the statement, the Dogwifhat team is working to collaborate with an established brand, given their lack of corporate entity status.
They emphasized that a timeline has been agreed upon by affiliated parties.
Dogwifhat pledges to return contributions if falter
The campaign, which successfully raised $700,000 from community members in March 2024, has yet to materialize nearly a year later. Addressing potential concerns about fund management, the team stated that if the advertising plan fails to execute, all contributions will be returned to donors, assuring there has been “no intent to mislead any parties.”
Recent market data showsIF experiencing substantial losses across multiple timeframes:
- 24-hour decline: 6.5%
- 7-day decline: 13.8%
- 30-day decline: 44.9%
The token has plummeted 77.3% from the all-time high of4.83 it reached on March 31, 2024. The timing of this clarification coincides with the project facing increased scrutiny from its community regarding the delayed Sphere campaign implementation.
The price drop comes amidst the overall bearish market conditions, where the global crypto market cap has dropped 2.12% in the last 24 hours to $3.48 trillion.
market cap of Solana meme coins has also dropped as low as 10.2% in the last 24 hours, as per CoinGecko data.
The largest SOL meme coin, Official Trump (TRUMP), has lost 10%, while every top meme coin except Pudgy Penguins (PENGU) has seen price drops during this period.
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2025-02-01 18:19