The official account of Solana-based memecoin dogwifhat (WIF) has addressed concerns surrounding the “Sphere Wif Hat” initiative — a crowdfunding campaign launched by token supporters nearly a year ago to get the token’s logo on the Las Vegas Sphere.
Despite the fundraiser raising $700,000 within days of launching on March 10, it has yet to come to fruition.
Timeline ‘agreed upon,’ no-go will lead to refunds
Dogwifcoin said in a Jan. 31 X post that the Wif Sphere organizers “have been in ongoing negotiations with various parties to collaborate on the Sphere ad placement.”
Dogwifcoin said, “Since the Wif team is not a corporate entity, the organizers are collaborating with an established brand to execute this advertisement.”
It explained that the timeline has now been agreed upon by “affiliated parties,” and if, for whatever reason, the plan is not fulfilled, then the contract will be voided, and all those who donated funds to the project will be refunded.
“There has been no intent to mislead any parties.”
WIF hit a new all-time high of $4.85 three weeks after the crowdfunding launch. However, it has since dropped nearly 77%, trading at $1.12 at the time of publication, according to CoinMarketCap data.
In July 2024, Mihir, one of the five organizers listed on the official “sphere wif hat” website, told Cointelegraph he was “90% confident” the campaign to emblazon the mascot on the Las Vegas Sphere for an entire week was going ahead.
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Mihir said representatives from the Sphere had crafted new “crypto-specific” terms after hearing of the campaign, adding that there had been internal meetings to develop their crypto-related policies in response to the initiative.
“We are [still] working with them to fit their criteria and requirements,” he said at the time.
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