tl;dr
The organizers of the Dogwifhat campaign have abandoned their efforts to advertise the meme coin on the Las Vegas Sphere. After raising nearly $700,000 in cryptocurrency for the campaign, the organizers announced that contributors will be refunded. The decision came after conflicting statements abou...
The organizers of the Dogwifhat campaign have decided to abandon their plan to advertise the meme coin on the Las Vegas Sphere, leading to the initiation of a refund process for the contributors. This decision came after conflicting statements about a deal with a fashion partner and the subsequent breakdown of the partnership. Despite positive market reception to the news, community members expressed frustration, and one organizer criticized them for their lack of support.
Late Monday, pseudonymous organizer GamesMasterFlex announced that the campaign will start refunding contributors as early as Tuesday. The team had claimed to have secured a deal with a "fashion partner" to advertise the Dogwifhat logo on the Sphere. However, a Sphere spokesperson confirmed that no deal had been signed and disputed any plan for Dogwifhat to appear on the Sphere. This led to the token's value dropping by 18%, triggering the breakdown of the partnership.
Refunds are set to begin, and the campaign's funds remain traceable in a wallet, with nearly $700,000 worth of the USDC stablecoin still present. The refund process will be automatic for most contributors, while those who sent funds via a centralized exchange will need to go through a manual submission process to seek a refund. Organizer Mihir is in charge of the refund process.
Despite speculation from some backers, the funds have always been traceable on the Solana blockchain, and they remain in clear view in the wallet. However, one of the multi-sig owners took the opportunity to criticize community members who complained along the way, expressing disappointment over the community's lack of support.
Dogwifhat (WIF) has climbed 5.7% since the Sphere update, indicating a positive market reception to the news and the anticipation of refunds to the contributors following a year of uncertainty.