The start of 2024 has been rocky for Dogwifhat (WIF), the dog-themed Solana meme coin. Following a price drop that began in November, it seems like the token’s value is stuck in a downward spiral. However, recent reports surrounding a claimed partnership with the Vegas Sphere have taken this decline to a new low.
On the heels of rumors suggesting a collaboration between Dogwifhat and the iconic Las Vegas Sphere, the meme coin’s price experienced a surge. Promising a major spotlight for the token, a crowdfunding campaign raised over $700,000 earlier this year. Developers teased a launch at the Sphere, claiming dates would be shared once approved. But when the Sphere publicly denied any partnership with Dogwifhat, the situation quickly unraveled.
“We have never had a deal with Dogwifhat,” a Vegas Sphere representative said, adding that the agency only had one preliminary conversation last year. The statement went on to clarify there were no plans for Dogwifhat to appear on the Sphere, calling the claim “fraudulent.” The backlash was swift. Dogwifhat’s price dropped nearly 10% following the revelation.
In response, Dogwifhat’s developers doubled down, claiming they were in “ongoing negotiations” and acted through an intermediary due to their non-corporate structure. They also promised to refund the $700,000 crowdfunded if the deal fell through.
The Wif Sphere organizers have been in ongoing negotiations with various parties to collaborate on the Sphere ad placement. Since the Wif team is not a corporate entity, the organizers are collaborating WITH an established brand to execute this advertisement. Timeline has been…
— dogwifcoin (@dogwifcoin) January 31, 2025
While the developers maintain their innocence, many in the crypto community are skeptical. The suggestion that the team used the Sphere’s name to hype up the coin raises serious questions about their intentions. The dramatic price fluctuations following the misleading teaser only add to suspicions of a potential scam.
Also Read: Dogwifhat’s $700K Las Vegas Sphere Ad Campaign: Timeline Set or Donors Get Refunds
Though the Dogwifhat team denies any foul play, this incident highlights a concerning trend of deceptive schemes in the meme coin market. While this may not be the worst scam in the crypto space, it’s certainly a reminder for investors to remain cautious.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.