Solana News: Dogwifhat Abandons Las Vegas Sphere Plans, Refunds Contributors After Raising Nearly $700K

In a surprising turn of events, the organizers of the dogwifhat project have announced the abandonment of their plan to advertise the Solana meme coin on the Las Vegas Sphere. After raising nearly $700,000 worth of crypto for the campaign, contributors will now be refunded. Here’s a closer look at what happened and what it means for the future of the Solana ecosystem.

Dogwifhat Abandons Las Vegas Sphere Plans, Refunds Nearly $700K

Dogwifhat organizers have abandoned their plan to advertise the prominent Solana meme coin on the Las Vegas Sphere, over a year after raising nearly $700,000 worth of crypto for the campaign. Pseudonymous organizer GamesMasterFlex, also known as Edward, announced on X (formerly Twitter) that the project has ended and contributors will start to be refunded as early as Tuesday. The team had secured a deal with a fashion partner for advertising, but the plans fell through. The Solana-based token was expected to appear on the Sphere in Q1 2025.

Kristin Smith Steps Down as Blockchain Association CEO to Lead Solana’s Policy Push

Kristin Smith, the CEO of the Blockchain Association, will resign next month to lead Solana’s new policy push. Smith will begin her new role as president of Solana’s Policy Institute on May 19, following her last day at the Blockchain Association on May 16. The Blockchain Association’s Board of Directors has initiated the search for Smith’s successor. Smith’s move comes after the group helped elect the U.S.’ first pro-crypto president. No mentions of specific coins or exchanges were made in the announcement.

Solana Price Might Have Bottomed Out, Here’s Why

The price of Solana (SOL) has likely bottomed out, indicated by ongoing market dynamics and historical trends. While market volatility has reduced, SOL is still down on weekly and monthly charts. Proponents of SOL are convinced that the recent price dip signals bullish tendencies. Recent data from Glassnode has revealed how investors’ behavior shapes Solana’s recent price action, with SOL supply migrating into lower-cost basis clusters between March 19 and 31.

Solana (SOL) Potential for Significant Growth

Solana (SOL) has increased by 1% in the past 24 hours as the crypto market rebounds. Other top utility tokens like Ethereum (ETH) and Cardano (ADA) have gained 4.4% and 3.3% respectively. The Solana ecosystem has expanded rapidly, with meme coins driving significant transaction volumes and decentralized applications attracting money and attention. Data from DeFi Llama shows that investors have locked up $6.72 billion worth of assets in Solana-based protocols.