Memecoin Season: A photo of Dogwifhat Memecoin sold for a whopping $4.3 million as an NFT.
Influencer trader GCR purchased the original dogwifhat meme image for $4 million, sending the price of WIF soaring.
As the newly minted dogwifhat meme coin soars to new heights, influential trader GiganticRebirth, known as GCR, has purchased the original image of the Solana-based meme coin dogwifhat (WIF) for a whopping $4 million. This purchase resulted in a significant increase in the price of WIF.
GCR Acquisition
The popular cryptocurrency auction platform Foundation posted an original photo of Achi, a dog wearing a pink beanie hat, on March 16, 2024, setting the initial bid price at 0.15 ETH.
Today, March 18th, Foundation Administrator Rob posted news of the successful X Auction.
He said, “On November 17, 2018, Archie’s owner took a picture of Archie wearing his adorable hat. It went viral and became a meme and mascot for the meme coin. $wif. Today the image was acquired by Gigantic Rebirth Ventures from FND for 1,210.759 ETH (4.3 Mil)!”
GiganticRebirth Ventures, operating under the pseudonym “PleasrDAO”, engaged in a fierce bidding war with Memeland and ultimately secured the image with an offer of 1,210 ETH, worth $4 million! The auction, overseen by cryptocurrency investor @cryptopathic, lasted nearly an hour before GCR emerged as the winning bidder.
But do you know who the successful bidder with this much money is?
Gigantic Rebirth Ventures gained popularity as one of the best traders of 2021-2022 after making significant profits on the now-closed cryptocurrency exchange FTX. The company has garnered a significant following on social media platform X thanks to its insightful market assessments and accurate forecasts.
Although the
Impact on WIF prices
The price of WIF increased by 10% in the hour after GCR purchased the original dogwifhat meme image. The sudden surge indicates increased investor interest in the dogwifhat memecoin, even if it was triggered by GCR’s acquisition of the well-known meme.
The widely used photo of Archie wearing the hat eventually led to the development of the popular memecoin WIF. The auction of the original photo represents an important turning point in the development of meme-inspired currencies and demonstrates the dynamic interplay between blockchain technology, memes and digital art.