"Dogwifhat's Meme Coin Plunges Amidst Sphere Campaign Delay"

Dogwifhat, a Solana-based meme coin, has experienced a significant downturn, with its price dropping over 11% as of Saturday. This decline comes amidst growing skepticism surrounding the delayed implementation of a crowdfunded advertising campaign at the Las Vegas Sphere.

The Dogwifhat team has attempted to clarify the situation, stating that they have been in negotiations with multiple parties to secure an advertisement placement at the high-tech arena. However, a representative for the Las Vegas Sphere denied any agreement to feature the meme coin at the venue, according to a report by Decrypt.

In response to the growing frustration among Dogwifhat fans, the meme coin team issued a statement via X, explaining that they are collaborating with an established brand to execute the advertisement, as the Dogwifhat team lacks corporate entity status. They also emphasized that a timeline has been agreed upon by affiliated parties.

The campaign, which successfully raised $700,000 from community members in March 2024, has yet to materialize nearly a year later. To address 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 has plummeted 77.3% from its all-time high of $4.83, 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 overall bearish market conditions, with the global crypto market cap dropping 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. The largest SOL meme coin, Official Trump (TRUMP), has lost 10%, while every top meme coin except Pudgy