Dogwifhat Drops Nearly 10% After Vegas Sphere Denies Involvement

Dogwifhat’s price dropped nearly 10% in one hour after the Vegas Sphere denied any deal with the meme coin. A crowdfunding campaign raised around $700,000 to put WIF on the Sphere, but this never materialized.

Developers claim that they conducted negotiations through an intermediary due to their non-corporate structure, but this statement may be totally fraudulent.

Did Dogwifhat Lie About Partnership with Las Vegas Sphere?

It’s been a challenging new year for the popular dog-themed Solana meme coin. The token’s price began dropping in November and hasn’t quite recovered. Although a few speed bumps have periodically interrupted this decline, the downward trend is inexorable.

Today, new reports denying any partnership between Dogwifhat and the Vegas Sphere caused the meme coin’s price to plunge nearly 10%.

“We have never had a deal with Dogwifhat, and our agency at the time only had one very preliminary conversation early last year. There was and is no plan for Dogwifhat to appear on the Exosphere, and we are distressed they are using our name for fraudulent purposes,” a Vegas Sphere representative claimed in an interview.

Initially, it may seem strange that the Vegas Sphere has such an impact on Dogwifhat’s price. However, a crowdfunding campaign from early 2024 promised that WIF would appear on the Sphere and raised over $700,000.

Earlier this week, developers teased a Sphere launch, saying they would post dates “as soon as we are allowed to share.”

It appears this was a complete fabrication. Earlier in the week, WIF surged 34% after the Vegas Sphere tease but quickly dropped when the deal never materialized.

Now that the Sphere has accused WIF developers of misinformation, these price wobbles turned into an immediate 10% drop.

The meme coin’s team, for its part, has fervently denied any foul play. In a recent social media post, it claimed that Dogwifhat organizers have been in “ongoing negotiations” with Vegas Sphere representatives.

They claim to have acted through an intermediary since they don’t have a formal corporate structure. They also promised to refund the $700,000 crowdfunded assets if the deal falls through.

“If, by any chance, the plan is not executed, then the contract will be voided and contributions will be returned. There has been no intent to mislead any parties,” Dogwifhat posted on X (formerly Twitter).

Of course, this statement could be a complete lie. Appalling meme coin schemes have risen dramatically since Trump launched his own token, bringing in huge numbers of complete newcomers.

However, If the Dogwifhat team made up a story about the Vegas Sphere to hype up their own meme coin, it’d be far from the worst scam in today’s crypto industry.