Key Insights
- DogWifHat’s Vegas Sphere plans have been delayed for nearly a year.
- This plan is especially concerning, considering how the community donated more than $700,000 in a matter of days.
- DogWifHat continues to trade further down, after losing a major bullish formation.
- The ongoing $1 retest could lead to a 350% price recovery towards the $5 mark.
- If WIF loses the $1 mark, it could become a lost cause among the bulls.
DogWifHat had a wonderful time in the previous year, testing new highs and leading the memecoin revolution alongside other heavyweights like BONK.
The success of this memecoin hit a new high with the announcement to showcase the token’s logo on the Las Vegas Sphere in March.
However, nearly a year after this plan was announced with more than $700,000 raised, nothing has been forthcoming.
Is DogWifHat yet another dead memecoin, or is a comeback waiting to happen?
The “Sphere Wif Hat” Fundraiser
DogWifHat supporters launched a crowdfunding campaign in March of last year, with the goal of displaying the cryptocurrency on the Las Vegas Sphere.
The hype from this initiative quickly gained momentum, as WIF fans raised an impressive $700,000 in just a few days.
Source: Twitter
The speed of this fundraiser raised hopes that this plan would soon become a reality, and WIF could hit the coveted $10 mark.
Fast forward to today, and this vision has yet to materialize.
This has led to concerns from the community, with donators to the fundraiser asking why the project was abandoned.
Ongoing Negotiations and the Timeline Update
These questions appear to have surfaced once again, with the DogWifHat team coming out to address the issues on Twitter (X).
In a 31 January tweet, the team stated that the Campaign Organizers are still in “ongoing negotiations with various parties to collaborate on the Sphere ad placement.”
Source: Twitter
The organizers stated that since the WIF team isn’t a corporate entitity, it has been working with bigger brands to brig the dream to life.
The DogWifHat team also stated that an official timeline has now been agreed on by all the involved parties.
More importantly, if the dream isn’t completed as planned, the team promised to honor their commitment and refund all donations.
The Dogwifhat official statement also mentioned that there was no”intent to mislead any parties”.
What Now? Is WIF Just Another Dead Coin?
DogWifHat hit a new all time high of $4.85, just three weeks after the crowdfunding campaign was announced.
However, the cryptocurrency has since dropped by a staggering 80% according to CoinMarketCap.
CoinMarketCap data also shows that the cryptocurrency now trades at slightly above the $1 mark, with a near-10% price decline over the last day.
Source: TradingView
The question now is:
Is this a massive “buy the dip” opportunity, or is WIF truly a lost cause?
According to the daily chart, the cryptocurrency broke below the ascending channel illustrated below, on 19 December.
Source: TradingView
This decline has now brought WIF towards lower lows, around the $1 mark.
The $1 mark in this case, is a psychological support level that has held WIF up since its inception.
In essence, slightly below $1 would be a great place to set a stop-loss order.
This said, if the bulls manage to push WIF upwards into a rebound from here, WIF has enough potential to become a best-performer in an incoming 340% rally towards the $4.85 zone or higher.
Source: TradingView
On the flipside, if the bulls fail to defend the $1 zone, WIF is bound to fall even further down.
The cryptocurrency will lose more market share as it visits uncharted bearish territory.
