A picture of Achi, the mascot for the popular Solana-based memecoin Dogwifhat, has just been auctioned on the NFT marketplace for a whopping $4.3 million in ETH.
Three days ago, the supposed South Korean Instagram user who owns Achi declared plans to auction a pictorial representation of the dog-themed mascot as a non-fungible token (NFT). Today, the NFT was auctioned for 1,210.759 ETH (worth $4.3 million), bridging memecoins and NFTs.
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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
— Rob | Foundation (@RDToTheMoon) March 18, 2024
Dogwifhat: From Memecoin to NFT
The auctioned NFT portrays the picture of a Shiba Inu dog called Achi wearing a pink wool hat. Achi’s image has stormed the memecoin market under the memecoin project, Dogwifhat, and its Solana-based memecoin, $WIF. The latest move represents a bridge between the memecoin and NFT markets, an uncommon feat in the crypto industry.
Although the memecoin project is natively built on the Solana network, the NFT auction occurred on the Ethereum blockchain. This move by Achi’s owners caused an uproar within the memecoin community, who argued that the NFT should have partnered with the WIF team. The team behind the NFT joined forces with an Ethereum-based dog-themed project, FeistyDAO, to bring the auction to fruition.
NFT Marketplace Foundation facilitated the auction. According to activity details on the auction platform, the Achi owner posted an initial bid offer of 5 ETH. Several participants placed their bids at higher amounts. Earlier today, a bidding war ensued between two parties, with the bid prices soaring from around 60 ETH to over 1,200 ETH. After back-and-forth bids for about three hours, a user with the display name – Gigantic Rebirth Ventures – won the auction.
Dogwifhat Explodes
Following news of the successful NFT auction, the WIF token has grown significantly. The memecoin traded at $3.19 at press time, representing a 30% surge within the past 24 hours. WIF’s market capitalization has also jumped, making it the third-largest memecoin as it flips PEPE.
Source: CoinStats
