Memecoin Season: Dogwifhat Memecoin’s Photo Sells for a Staggering $4.3 Million as NFT

Influential trader GCR purchases the original dogwifhat meme image for $4 million, causing a surge in WIF prices.

As the newly born dogwifhat meme-coin surges to new heights, influential trader GiganticRebirth, known as GCR, has bought the original image behind the Solana-based meme coin dogwifhat (WIF) for a staggering $4 million. The purchase has triggered a significant boost in WIF prices.

GCR’s Acquisition

Popular crypto auction platform Foundation put the original picture of Achi, the dog wearing a pink beanie hat for action on 16th March 2024 placing an initial bid price of 0.15 ETH.

Today, on March 18th, the Manager of the Foundation, Rob, posted about the successful auction on X.

He writes, “On November 17, 2018, Achi’s owners captured him in an endearing hat on camera. It went viral, becoming a meme and mascot for the meme coin $wif. Today, that image was collected by Gigantic Rebirth Ventures on FND for 1,210.759 ETH (4.3 Mil)!”

GiganticRebirth Ventures, operating under the alias “PleasrDAO,” engaged in a crazy bidding battle with Memeland, ultimately securing the image with an offer of 1,210 ETH, amounting to $4 million! The auction, overseen by crypto investor @cryptopathic, lasted nearly an hour before GCR emerged as the winning bidder.

But do you know who is this successful bidder with big pockets?

Gigantic Rebirth Ventures rose to popularity as one of the top traders in 2021–2022 after making a sizable profit on the now-closed cryptocurrency exchange FTX. The company has amassed a sizable following on social media platform X because of its perceptive market assessments and precise forecasts. 

Even though their X account was shut down in April 2023, GCR’s impact is still felt in today’s cryptocurrency community. 

Effect on WIF Prices 

In the hour that followed GCR’s purchase of the original dogwifhat meme image, WIF prices increased by 10%. The abrupt surge would indicate increased investor interest in the dogwifhat memecoin, even if it was sparked by GCR’s acquisition of the well-known meme.

Because of the widespread use of the picture of Achi with a hat, the popular memecoin WIF was eventually developed. The original photo’s auction represents a critical turning point in developing meme-inspired currency and illustrates the dynamic interplay between blockchain technology, memes, and digital art.