Dogwifhat Meme Sold for $4M to GCR, WIF Prices Rally

The original Dogwifhat meme, depicting Achi the dog donning a pink beanie hat, has been sold for 1,210 Ether (ETH), equivalent to approximately $4 million. A trader named GiganticRebirth (GCR) got the acquisition, which led to a major rally in the values of Dogwifhat (WIF), a meme coin built on the Solana blockchain. This event has been the subject of much attention, constituting another important milestone in the relation between meme culture and cryptocurrency.

Dogwifhat Auction Sparks Widespread Interest

The sale occurred on Foundation, a website dedicated to crypto art and auctions, where the original piece was listed for an opening price of 0.15 ETH. The auction was marked by a heated bidding war, mostly between GCR, bidding anonymously as “PleasrDAO” and Memeland, another major player in the crypto world. 

The winning bid by GCR of 1,210 ETH demonstrated the high price and zeal vested in meme-inspired digital assets by the cryptocurrency fraternity, which forms part of the rising trend.

Sold for 1,210 ETH ($4.3m) to GCR pic.twitter.com/ptKPc4cON3

— path.eth 🛡️ (@Cryptopathic) March 18, 2024

The Dogwifhat meme, deriving its charm from the image of Achi, captured global attention upon its debut, quickly evolving into a symbol celebrated across the internet. The subsequent auction and participation of GCR greatly increased WIF’s appeal.

GCR’s Market Influence and the WIF Surge

The participation of GCR in the acquisition has a significant effect on the market performance of WIF. Known for their insightful market analysis and successful predictions, GCR has amassed a substantial following within the crypto community. 

Following the acquisition by GCR, the WIF coin witnessed a 17% surge in its price within just an hour. This rally was not isolated, as the price continued to climb, marking a 579% increase in the last 30 days. Concurrently, analysts have attributed this surge to GCR’s purchase and a recent post by Elon Musk on X, featuring images of dogs in hats, which further fueled the enthusiasm around Dogwifhat.

During the rally, WIF’s market capitalization and 24-hour trading volume surged by 15.87% and 49.99% respectively to $2,805,344,838 and $1,102,407,126, respectively.

Read Also: Gavekal Research Alerts on Global Liquidity Drain in Crypto Bull Market