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WIF loses 22% as MSG Sphere rejects meme coin promotion
Dogwifhat faces backlash after failed $650K Sphere ad campaign
Impactful marketing stunts play a crucial role in monetizing meme coins. One such project, Dogwifhat (WIF) — ranked #82 on CoinMarketCap with a $1 billion market cap—now faces a crisis after its ambitious ad campaign collapsed.
At the start of last year, the Dogwifhat community raised $650,000 through crowdfunding to display the token’s logo on MSG Sphere in Las Vegas, the world's largest spherical building. The campaign generated hype and helped WIF hit an all-time high of $4.83 in March 2024. A similar ad by Crypto.com, featuring Bitcoin, was successfully showcased on the Sphere in July 2024.
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On January 28, WIF’s official X (Twitter) account claimed that Sphere’s owners had officially approved the ad, with the display scheduled for Q1 2025.
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However, the post was later edited, removing the "officially confirmed" statement. On January 31, a Sphere spokesperson publicly denied any deal with Dogwifhat, stating:
"There were never any plans for Dogwifhat to appear on Exosphere, and we are disappointed that they are using our name fraudulently."
WIF price drops 22% amid community outrage
Following the revelation, Dogwifhat’s price plummeted 22% to $1.02. Whether it can hold the critical $1 level, maintain a billion-dollar market cap, and stay in the top 100 cryptocurrencies remains uncertain.
WIF price dynamics for 7 days. Source: CoinMarketCap
Crowdfunding organizers claim they negotiated with Sphere through intermediaries, insist they never intended to misappropriate funds, and promise refunds if the ad is not displayed. Meanwhile, WIF supporters are closely monitoring developments.
As we wrote, the rise of meme coins has been one of the most intriguing phenomena in the cryptocurrency world. Coins like Dogecoin and Shiba Inu have transitioned from internet jokes to digital assets worth billions. Central to their meteoric rise are social media platforms—and none more influential than TikTok. With its unique algorithm and vast reach, TikTok has become a breeding ground for viral trends, including meme coins.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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