- The sale of Achi’s iconic image as an NFT for $4.3 million not only marks a significant milestone in the world of digital art but also highlights the growing influence of meme culture in the cryptocurrency market.
- The willingness of a crypto trader like Gigantic Rebirth Ventures to invest such a substantial amount in a piece of internet culture underscores the evolving nature of digital assets and their perceived value.
The famous image of the dog wearing a hat was sold as an NFT for $4.3 million by the alleged owner of Achi, the dog that inspired the memecoin Dogwifhat WIF, which is located in Solana.
Crypto trader Gigantic Rebirth Ventures (@GCR) placed the winning bid of 1,210.8 ETH during the three-day auction that began on Friday on the NFT marketplace Foundation, according to the site
The alleged owner claimed last week that Fiesty DAO was working with them to conduct the NFT auction in a post on their Instagram account. The dog, who was supposedly known as Chi-Chi at one point, is currently renamed Achi and lives in Korea. The dog’s cap in the well-known 2018 photo was constructed, according to the dog’s alleged owner.
Achi was photographed by his owners on November 17, 2018, wearing a cute headgear. After going viral, it turned into a meme and the mascot for the meme coin “wif,” the partnerships manager of the Foundation wrote on X. “Gigantic Rebirth Ventures purchased that image today on FND for 1,210.759 ETH (4.3 million)!”
As Dogwifhat gained popularity, Achi’s photo turned into a well-known memecoin towards the end of the previous year. It then soared to a $3.2 billion market cap and is currently ranked 43rd among all cryptocurrencies.
As of right now, Dogwifhat is trading at $3.18, per the price page on The Block. As Solana’s metrics rise amid the memecoin frenzy, Dogwifhat has gained more over 20% in the last 24 hours and nearly 700% in the last month.
Only a few days have passed since cryptocurrency enthusiasts raised more than $650,000 to display the dogwifhat image on the Las Vegas sphere.
Similar to DOGE and SHIB, Dogwifhat (WIF) is a meme coin with a dog motif that runs on the Solana blockchain. WIF’s enormous rise in popularity was spurred by the support of prominent cryptocurrency figures like Ansem and Hsaka. With only a few months to go, its value skyrocketed to 40,000%, and it now has a $1.8 billion market capitalization, making it the fourth-largest dog token behind Dogecoin, Shiba Inu, and Bonk.
Unlike other meme coins, WIF is steadfast in its dedication to decentralization, removing any potential single point of control by deducting the creator’s balance from zero. This encourages strong community involvement and trust.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
