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The photo inspiration for Solana’s viral memecoin Dogwifhat was bought as an $NFT by the same trader who won a $10 million bet against Terraform founder Do Kwon.
An $NFT picture of the infamous Dogwifhat ($WIF) canine sold for 1,210 Ether ($ETH) worth $4.3 million after a three-day auction sprint on the digital collectible marketplace Foundation. The photo spotted Achi, a dog in a hat that inspired the popular Solana-based memecoin that peaked at a more than $3 billion market cap this month.
Renowned cryptocurrency trader Gigantic Rebirth Ventures, commonly known as GCR, made the acquisition. GCR is famous for making a $10 million wager with former Terraform Labs CEO Do Kwon over Luna’s future decline.
The trader won the bet while Terra’s token collapsed in a $60 billion implosion, and Kwon is currently battling extradition from a Balkan prison cell.
🚨SOLD🚨
— Rob | Foundation (@RDToTheMoon) March 18, 2024
On November 17, 2018, Achi's owners captured him in an endearing hat on camera. It went viral, ultimately 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)! pic.twitter.com/8jV4szdPg1
Dogwifhat memecoin ascent
Achi’s $NFT auction occurred after its supposed owner announced the move in collaboration with Fiesty DAO. The post was shared on Instagram and claimed the photo featuring Achi in a homemade pink hat was shot in 2018.
Dogwifhat debuted late last year during a Solana memecoin frenzy, resurging interest in on-chain assets. On March 18, the memecoin ranked 48 among all cryptocurrencies and even briefly upstaged Pepe (PEPE) in market cap.
According to CoinGecko, $WIF increased 13% in 24 hours and at a price around $2.80. The $NFT auction closed shortly after community members raised over $650,000 in crypto to showcase the Dogwifhat meme on the Las Vegas sphere.
