The owner of Achi, the dog behind the Solana-based memecoin Dogwifhat, announced the sale of the dog’s iconic hat-wearing photo as an NFT for $4.3 million. According to the platform, the three-day auction was live-streamed on the NFT marketplace Foundation on March 15, and was won by crypto investor Gigantic Rebirth Ventures with a bid of 1,210.8 Ethereum.
$4.5 Million Sale
Last week, Achi’s owner mentioned in an Instagram post that the NFT auction was conducted in partnership with Fiesty DAO. The dog, previously known as Chi-Chi, is now named Achi and lives in Korea. The owner stated that they made the pink hat worn in the famous 2018 photo themselves. A Foundation executive shared the following statement regarding the process:
“On November 17, 2018, Achi’s owners captured him on camera with a cute hat. This photo went viral and eventually became a meme and mascot for the memecoin wif. Today, this image was sold for $4.3 million, equivalent to 1,210.759 ETH, by Gigantic Rebirth Ventures on FND.”
Achi’s image turned into a significant memecoin project by the end of last year and subsequently, with Dogwifhat going viral, reached a market value of $3.2 billion, climbing to the 43rd position among all cryptocurrencies.
WIF and the Memecoin Craze
According to Tradingview data, Dogwifhat is currently trading at $3.18. As Solana’s data rises in the midst of the memecoin frenzy, Dogwifhat has gained over 20% in the last 24 hours and approximately 700% over the past month. This sale occurred just days after crypto owners raised over $650,000 to place the image of dogwifhat on the Las Vegas globe.
With all these developments, a significant memecoin hype has been ignited, especially on the Solana network. This process is drawing attention as a frenzy for investors looking to make quick profits, which is revitalizing the Solana ecosystem and boosting the momentum of SOL prices. It is also leading to significant developments in other blockchain ecosystems.
