The viral memecoin Dogwifhat, inspired by the photo of Achi wearing a hat, was sold as an NFT for 1,210 Ether (ETH) worth $4.3 million after a successful three-day auction on the digital collectible marketplace Foundation. The acquisition was made by the renowned cryptocurrency trader Gigantic Rebirth Ventures (GCR), who is known for winning a $10 million bet against Terraform founder Do Kwon.
GCR’s bet against Kwon proved successful as Terra’s token suffered a $60 billion collapse, leading to Kwon’s current extradition battle from a Balkan prison cell. The NFT auction of Achi’s photo, which was announced in collaboration with Fiesty DAO, gained significant attention following the success of Dogwifhat, a Solana-based memecoin that peaked at a market cap of over $3 billion.
The resurgence of interest in on-chain assets was evident with Dogwifhat’s debut last year during the Solana memecoin frenzy. By March 18, the memecoin had climbed to the 48th position among all cryptocurrencies, briefly surpassing Pepe (PEPE) in market cap. The price of WIF increased by 13% in 24 hours, reaching around $2.80, before the NFT auction closed with community members raising over $650,000 in crypto to display the Dogwifhat meme on the Las Vegas sphere.
Overall, the success of Dogwifhat and its NFT auction highlights the growing popularity and value of meme coins in the cryptocurrency market.