Dogwifhat Addresses Concerns Over ‘Sphere Wif Hat’ Crowdfunding Initiative

Dogwifhat Addresses Concerns Over ‘Sphere Wif Hat’ Crowdfunding Initiative

The official account of Solana-based memecoin dogwifhat (WIF) has responded to growing concerns regarding the “Sphere Wif Hat” initiative—a crowdfunding campaign launched nearly a year ago to feature the token’s logo on the Las Vegas Sphere.

Fundraiser Raised $700K, Yet No Execution So Far

Despite raising an impressive $700,000 within days of its launch on March 10, the campaign has yet to materialize, leaving many supporters wondering about its status.

In a statement posted on X (formerly Twitter) on January 31, the Dogwifhat team clarified that organizers have been actively negotiating with multiple parties to secure the Sphere advertisement placement. Since the WIF team is not a corporate entity, they are working in collaboration with an established brand to bring the campaign to fruition.

Clear Timeline Established—Refunds Promised if It Fails

According to the statement, a timeline for the advertisement has now been finalized among the affiliated parties. However, if the plan ultimately falls through, the contract will be voided, and all contributors to the fundraiser will be fully refunded.

The team emphasized that there was never any intent to mislead donors or the wider community.

WIF Price Surge and Decline Amid Campaign Uncertainty

Following the fundraiser’s launch, WIF hit an all-time high of $4.85, but the token has since plummeted nearly 77%, currently trading at $1.12 as per CoinMarketCap data at the time of publication.

Back in July 2024, Mihir, one of the five organizers listed on the official “Sphere Wif Hat” website, told Cointelegraph that he was “90% confident” the campaign would successfully place WIF’s mascot on the Las Vegas Sphere for an entire week.

However, Mihir also revealed that representatives from the Sphere had introduced new “crypto-specific” terms in response to the initiative. As a result, the organizers have been working closely with them to meet the necessary criteria and regulatory requirements.

Despite delays, the team remains committed to securing the high-profile ad placement or ensuring that supporters’ funds are returned should the initiative not come to pass.