Dogwifhat witnessed a sudden plummet of nearly 10% in its price within just one hour after the Vegas Sphere disavowed any association with the trendy meme coin. Despite a crowdfunding campaign successfully raising a staggering $700,000 to secure a spot for WIF on the Sphere, the anticipated collaboration never materialized.
Allegations have surfaced suggesting that developers engaged in negotiations through a third party due to their unconventional structure, raising doubts about the validity of their claims.
The crypto community is left questioning whether Dogwifhat deceived investors about its supposed partnership with the Las Vegas Sphere. The downward trajectory of the dog-themed Solana meme coin's value since November has been punctuated by sporadic fluctuations, ultimately leading to a significant decline.
Recent reports contradicting the existence of a pact between Dogwifhat and the Vegas Sphere triggered a swift 10% plunge in the meme coin's price. A representative from the Vegas Sphere refuted any collaboration, stating that only preliminary talks took place in the past year, with no concrete plans for Dogwifhat to feature on the Sphere.
The anticipation around WIF's potential integration with the Sphere was initially stoked by a crowdfunding campaign that amassed a substantial sum. Despite promises of a Sphere launch, the subsequent failure to deliver on these commitments resulted in a sharp drop in Dogwifhat's value.
In response to the allegations of misinformation leveled against them, Dogwifhat's team has adamantly defended their actions. They maintain that negotiations with the Vegas Sphere were ongoing, facilitated by an intermediary due to their unconventional organizational setup. Assurances of refunding the crowdfunded amount if the collaboration falls through have been made to assuage investor concerns.
While doubts linger regarding the authenticity of these claims, the potential fabrication of the Vegas Sphere partnership serves as a cautionary tale in an industry rife with deceptive practices. Despite the speculative nature of meme coins, the fallout from such controversies underscores the importance of transparency and accountability in the crypto space.