Dogwifhat Team Explains Delay of Las Vegas Sphere Ad Campaign, Wif Token Price Drops 77%

Solana-based memecoin dogwifhat had also come up with clarifications on the “Sphere Wif Hat” crowdfunding. The campaign which was initiated nearly a year

Solana-based memecoin dogwifhat has provided updates on the “Sphere Wif Hat” crowdfunding initiative.

The campaign, which began nearly a year ago, aimed to display the dogwifhat logo on the Las Vegas Sphere. However, despite launching the project on March 10, 2024, and raising $700,000 within days, the ad has yet to materialize.

Dogwifhat Delay Reasons

In the latest X post, dogwifcoin explained the reason behind the current delay. The ad placement, which is not in an arbitrary location, was arranged by the campaign organizers in collaboration with different parties. Since the Wif team is not a company, they are partnering with an existing brand for the ad, the organizers clarified.

The organizers have been negotiating with different parties to collaborate on the Sphere ad placement. As the Wif team is not a corporate entity, the organizers are collaborating WITH an established brand to execute this advertisement. Timeline has been…

The team also outlined the future course of action for the campaign, adding that all parties involved had agreed to the new timeline. However, they also stated that if the agreed ad fails to be published, the signed contract would be void, and donors would receive a refund. On the same note, they highlighted that there was never any ill intent in not fully disclosing the truth to the supporters.

Wif Token’s Price Drop

Following the launch of the campaign, the value of the Wif token experienced a significant decline. After rallying in the days following the launch to peak at $4.85 three weeks after the launch, the token has slid by nearly 77% to trade at $1.09, as per CoinMarketCap data on various tokens up to the present day.

As of July 2024, Mihir, a charter member and one of the five main organizers of the campaign, expressed confidence in the ad’s effectiveness, saying he was “90% sure that the campaign will go through and the Dogwifhat logo will be displayed on the Las Vegas Sphere for one week.” Mihir further disclosed that Sphere representatives have started using new “crypto-specific term” since the campaign and also had a meeting on how they will change their policy in relation to crypto ads.

The findings simply indicate that we are still in the process of adhering to the stakeholder demands, as stated by Mihir. His statements suggested that the company was making progress despite the campaign experiencing setbacks. Nevertheless, the campaign’s supporters anticipate the conclusion of the negotiations and the airing of the ad as planned.