The Solana (SOL) meme coin Dogwifhat (WIF) now trades at a loss of over 11%, as of Saturday, amid the ongoing cloud surrounding its crowdfunded advertisement in Las Vegas Sphere.
The official account of Dogwifhat on X wrote, “We have worked with many stakeholders regarding procuring the ad placement which will be done in a Sphere, a new age venue with a 360 LED display.” But, as reported by Decrypt, he said that a representative from Las Vegas Sphere had not agreed toward the showcasing of the meme coin.
Community members discontented with the replies took to social media for answers prompting an investigation from the Dogwifhat team.
The team told the community that without a corporate structure, the meme coin is trying to partner with a company in order to run the ad campaign properly. The team further informed supporters that everyone has agreed on a timeline for the situation.
The initiative backs to March 2024 where it raised 700,000 dollars. However, an year later it has yet to be fulfilled which is raising questions on how the funds are managed.
In a statement, they asked for contributions with the assurance that if the ad campaign does not run then money would be refunded making clear that it was our intention to mislead any parties.
WIF’s price movement indicates uncertainty. 24 hour drop: 6.5%
- Drop over the last 7 days: 13.8%
- Drop over the last 30 days: 44.9%
- From ATH $4.83 on March 31, 2024: Down 77.3%
Due to the global downfall in the crypto market Solana-based Meme coins have depreciated by 10.2% which is significantly deepened by the downturn of the general market that dropped by 2.12% in the previous 24 hours Solana’s global market cap also dropped deeper to 3.48 trillion dollars.
Official Trump, one of the most important SOL meme coins, had a selling price that was 13.43% lower than the previous one. One of the few that is gaining is Pudgy Penguins, up 3.18%.
