Thomas Daniels
The sensational Dogwifhat memecoin, inspired by a photograph that has taken the Solana network by storm, was acquired as an NFT by a prominent trader known for securing a $10 million victory in a wager against Terraform Labs’ Do Kwon. This particular NFT, capturing the iconic Dogwifhat (WIF) dog named Achi adorned in a hat, fetched 1,210 Ether (ETH), equivalent to $4.3 million, in a competitive auction over three days on the Foundation digital collectible platform. Achi, the hat-wearing dog, became the muse behind the wildly successful Solana memecoin, which astonishingly reached over a $3 billion market valuation this month.
The notable acquisition was made by the well-regarded crypto trading entity, Gigantic Rebirth Ventures, also referred to as GCR. GCR is notably recognized for placing a bold $10 million bet with Terraform Labs’ ex-CEO, Do Kwon, regarding the downfall of Luna. This gamble paid off amidst Terra’s dramatic $60 billion crash, while Kwon now faces legal challenges and potential extradition from a detention facility in the Balkans.
The rise to prominence of the Dogwifhat memecoin is an intriguing narrative. The auction for Achi’s NFT took place subsequent to its purported owner announcing the auction in partnership with Fiesty DAO, a move that was publicized on Instagram. This notable image, depicting Achi wearing a pink, homemade hat, was initially captured in 2018.
Making its debut amidst a frenzy for Solana memecoins late last year, Dogwifhat injected renewed vigor into the interest surrounding blockchain-based assets. As of March 18, this memecoin distinguished itself by ranking 48th among all cryptocurrencies, momentarily eclipsing Pepe (PEPE) in market capitalization.
Data from CoinGecko reveals that WIF saw a 13% uptick within a 24-hour span, trading at approximately $2.80. The NFT auction concluded shortly after the Dogwifhat community mobilized over $650,000 in cryptocurrency to finance the display of the Dogwifhat meme on the iconic Las Vegas sphere, marking a significant moment in the memecoin’s journey.
