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The Dogwifhat pink beanie sold for 6.8 BTC ($800K) in a recent auction.
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The NFT of the Dogwifhat photo previously sold for $4.3 million in March 2024.
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The auction saw strong competition before the beanie was won by Finn, Bags founder.
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The new owner of the beanie, Bags, aims to connect it with their community token.
The original pink beanie worn by Achi, the dog behind the popular Dogwifhat meme, was sold for $800,000 in an auction. This event, which took place on the Bitcoin Ordinals marketplace Ord City, saw the beanie go for 6.8 BTC, equating to $794,074. The winning bidder was “Finn,” the founder of Solana memecoin launchpad Bags. The sale, which was part of a 48-hour auction, attracted significant interest from various bidders before Bags secured the winning bid.
Though the sale price is substantial, it was far below the value of the meme’s iconic photo, which was sold as an NFT for $4.3 million in March 2024. Despite this discrepancy, the beanie’s sale represents an important moment in the Dogwifhat meme’s journey, emphasizing the growing interest in digital and physical assets tied to meme culture.
A Memecoin Launchpad’s First Acquisition
Finn, who placed the winning bid on the Dogwifhat pink beanie, celebrated the acquisition on X, calling it Bags’ “first acquisition.” He referred to the beanie as a “billion-dollar hat” that was acquired for just $0.7 million.
Finn also emphasized that the beanie would be linked to the Bags platform’s avatar and hinted at future plans to tie the hat to the Bags community token, “BUY THE HAT.” This token has surged by more than 700% over the past 24 hours, further increasing its market cap to $7.8 million.
Bags’ model allows token deployers to share trading fees with users, which Finn explained helped fund the beanie purchase. With the token’s recent success, Finn expressed confidence in the platform’s growth and its potential to further engage the Dogwifhat community.
Auction Chaos and Fake Bids
The auction process was not without its challenges. Ord City had to pause the event temporarily after several fake bids were placed, including one for an impossible amount of bitcoin, equivalent to the total supply of 21 million BTC.
To address the issue, the auction platform raised the collateral requirement for bidders. Despite these disruptions, the auction continued, with the winning bid coming in at a much more reasonable value of 6.8 BTC, about $800,000.
The high level of interest in the auction, combined with the brief chaos, underscores the strong appeal of the Dogwifhat meme and its associated assets in the cryptocurrency and memecoin space. The beanie’s new owner, Finn, has made it clear that he views the item as an integral part of Bags’ identity and is committed to involving the wider community.
The Dogwifhat Meme’s Rise in Popularity
The Dogwifhat meme, featuring Achi the Shiba Inu dog wearing a pink beanie, became a viral sensation in 2020 and inspired the creation of the Solana-based WIF cryptocurrency in late 2023. The original photograph of Achi, taken in November 2018, played a pivotal role in the meme’s success.
The beanie has since become a symbol of internet culture, representing both the meme itself and the broader growth of memecoins.
The physical beanie’s sale represents a new chapter in the Dogwifhat story. It is now part of the growing trend of physical items tied to popular digital and meme assets, which are increasingly seen as valuable collectibles. As the Dogwifhat meme continues to inspire new projects, the beanie’s auction is another reminder of the lasting impact internet culture can have on both digital and physical markets.
