Dogwifhat original meme photo sold for $4.3m in ETH

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.

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.