Dogwifhat Breaks Silence on Controversial Las Vegas Sphere Ad

Solana-based memecoin Dogwifhat (WIF) took to X to explain the delay in getting the token’s logo on the Las Vegas Sphere. It claimed that negotiations are still ongoing. At the same time, Dogwifhat pointed out that funds could be returned to donors if the project did not go as planned. 

Concept of the Sphere Wif Hat initiative

The “Sphere Wif Hat” initiative is a crowdfunding campaign launched almost a year ago by token supporters. 

The initiative aims to get the token’s logo on the Las Vegas Sphere. Since March 10, when the fundraiser was launched, contributions have been made towards this mission. So far, it has amassed more than $700,000 from donors.

However, the goal of getting the token’s logo on the Las Vegas Sphere has yet to be achieved. The initiative organizers allegedly negotiate with several parties, asking them to collaborate on the Sphere ad placement. The Wif Sphere organizers must collaborate with an established brand to execute this advertisement because the Wif team is not a corporate entity.

Dogwifhat Could Initiate a Refund to Donors 

Amidst these activities, the timeline has been decided on by affiliated parties. 

Dogwifhat is also open to the possibility that the ‘inevitable’ may happen, causing it to suspend the initiative. Should this happen and the plan is not fulfilled, all donors must get their funds back. While a refund is an option if the contract is voided, the likelihood of such a scenario seems slim.

Eight months ago, Mihir, an organizer on the project website, stated that he is 90% confident that the project would pull through. 

Dogwifhat Price Drops by 10%

Meanwhile, WIF has faced a downtrend, possibly triggered by the situation with the “Sphere Wif Hat” initiative. 

At the time of this writing, the Solana-based memecoin had recorded more than a 10% dip within 24 hours. WIF is currently trading at $1.10 with a market capitalization and trading volume of $1.09 billion and $580.66 million, respectively. 

This is a huge fall for a coin that had gained up to a 35% price increase in November 2024 following its listing on Coinbase.