Dogwifhat (WIF) Falls 11% After Failing to Launch Ad Campaign at Las Vegas Sphere

For Dogwifhat, what happens in Las Vegas is anyone's guess. The Solana (SOL)-based coin slipped over 11% at the last check Saturday.

Solana (SOL)-based meme coin Dogwifhat (WIF) has finally addressed the community regarding the crowdfunded initiative to launch an ad campaign at the Las Vegas Sphere, which has been delayed for an extended period.

According to a recent report by Decrypt, a representative for the Las Vegas Sphere has denied any agreement to feature the Dogwifhat meme coin in the advertisement at the venue.

This news has left fans of Dogwifhat feeling peeved, prompting the meme coin team to clarify the situation via an X account.

In response to the queries, the Wif Sphere organizers clarified that they 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 and a timeline has been agreed upon by affiliated parties.

The campaign successfully raised $700,000 from community members in March 2024, but the plans have yet to materialize.

Addressing potential concerns about fund management, the team stated that if the advertising plan fails to execute, all contributions will be returned to donors, asserting there has been “no intent to mislead any parties.”

Recent market data shows WIF experiencing substantial losses across multiple timeframes:

The token has plummeted 77.3% from the all-time high of $4.83 it reached on March 31, 2024.

The timing of this clarification comes as the project faces 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.

The 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.