Dogwifhat Addresses Delays to Las Vegas Sphere Plan
Solana-based memecoin Dogwifhat has finally reacted to complaints of delays in its “Sphere Wif Hat” crowdfunding campaign for displaying the token’s logo on the Las Vegas Sphere. After the campaign’s commencement in March 2024, it speedily garnered $700,000 – proof that there is a good community behind the token. Several months later, the ad has not appeared and backers are frustrated.
Negotiations and Assurances
In a thread on X on January 31, Dogwifhat’s team said it has been in negotiations to finalize the ad with various stakeholders. Because WIF doesn’t have corporate backing, the team is working with an established brand to secure the placement.
Dogwifhat reassured supporters that it now has a timeline for finalizing everything. If the plan would fail, all money will be returned. The team also denied claims of mismanaging contributions:
“There has been no intent to mislead any parties.”
Price Swings on Uncertainty
The successful campaign sent WIF at one point to its ATH of $4.85, a reflection of investors optimism. With continuing delays and skepticism, WIF has lost 77% of its value, currently changing hands at $1.12, if data from CoinMarketCap is anything to go by. Uncertainty over the Sphere project likely has brought the price down.
Sphere’s Requirements Not Met
One of the main obstacles appears to be internal policies that Sphere maintains concerning cryptocurrency-related ads. In July 2024, Mihir, one of the five organizers, told Cointelegraph that Sphere had imposed additional requirements on crypto-related deals after learning about the WIF campaign.
“We are [still] working with them to fit their criteria and requirements,” Mihir said.
These policy changes reportedly have been a source of delay, entailing further discussions for compliance.
What’s Next for Dogwifhat
Following confirmation of the timeline, Dogwifhat supporters are still waiting for word of how the campaign is progressing. Some are awaiting the Sphere ad that has been so long in coming, while others are prepared for disappointment should the project fall through. The team had previously stated if the initiative did not happen, all the donations would be returned.
So far, the community awaits the project status, while WIF is trying to go through market volatility and different logistical hurdles to make “Sphere Wif Hat” a reality.
