The photograph that inspired Solana's viral memecoin, Dogwifhat, was purchased as an nft by the same trader who won a $10 million bet against Terraform founder Do Kwon.
An nft image of the infamous canine Dogwifhat (WIF) sold for 1,210 Ether (eth) worth $4.3 million after a three-day auction on the digital collectibles market. Base. The photo showed Achi, a hat-wearing dog who inspired the popular Solana-based memecoin that peaked at over $3 billion in market capitalization this month.
Renowned cryptocurrency trader Gigantic Rebirth Ventures, commonly known as GCR, made the acquisition. GCR is famous for making a $10 million bet with former Terraform Labs CEO Do Kwon over the future decline of Luna.
The trader won the bet while the Terra token collapsed in a $60 billion implosion, and Kwon is currently fighting extradition from a Balkan prison cell.
Dogwifhat memecoin rise
Achi's nft auction came after its alleged owner announced the move in collaboration with Fiesty DAO. The post was shared on Instagram and claimed that the photo showing Achi wearing a homemade pink hat was taken in 2018.
Dogwifhat debuted late last year during a Solana memecoin frenzy, reviving interest in the on-chain assets. On March 18, memecoin ranked 48th among all cryptocurrencies and even briefly eclipsed Pepe (PEPE) in market capitalization.
According to CoinGecko, WIF is up 13% in 24 hours and at a price of around $2.80. The nft auction closed shortly after community members increase over $650,000 in cryptocurrency to showcase the Dogwifhat meme in the Las Vegas sphere.
<img decoding="async" width="1024" height="749" src="https://crypto.news/app/uploads/2024/03/Screenshot-330-1024×749.png” alt=”dogwifat”/>
