Dogwifhat is in the red after Las Vega Sphere campaign looks dubious

For Dogwifhat, what happens in Las Vegas is anyone’s guess.

The Solana ( SOL )-based coin slipped over 11% at the last check Saturday. The downtrend comes after the meme coin attempted to clarify details regarding a prolonged delay of a crowdfunded initiative to launch an ad campaign at the Las Vegas Sphere.

Dogwifhat’s (WIF) official X account explained that organizers have been negotiating with multiple parties to execute an advertisement placement at the Sphere, a high-tech arena known for its 360-degree LED display.

A representative for the Las Vegas Sphere denied any agreement to feature the Dogwifhat meme coin at the venue, according to a report by Decrypt.

Fans of Dogwifhat grew peeved, and the meme coin team was forced to clarify the situation via X.

According to the statement, the Dogwifhat team is working to collaborate with an established brand since Dogwifhat lacks corporate entity status.

They emphasized that a timeline has been agreed upon by affiliated parties.

Dogwifhat promises to return contributions if plans fail

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, asserting there has been “no intent to mislead any parties.”

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

• 24-hour decline: 6.5%
• 7-day decline: 13.8%
• 30-day decline: 44.9%

The token 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.