A simple, hand-knitted pink hat recently sold for a staggering amount of money. This isn’t just any hat, though. It belongs to Achi, the Shiba Inu dog who inspired the popular Dogwifhat memecoin. This unusual auction shows how internet culture can bring in serious cash.
The famous hat was sold for 6.8 Bitcoin, or about $794,074. Bags, a platform that helps launch memecoins on Solana, made the winning bid. Its founder, known as “Finn,” secured the item after a tough 48-hour bidding war. The auction took place on Ord City, a marketplace for Bitcoin Ordinals.
Finn shared his excitement on X after the auction. He even added the hat’s image to the Bags platform’s avatar. “We’ve acquired a $1 billion hat for just $0.7 million,” Finn declared. He also hinted at big plans for the future. Bags’ business model allows token creators to share trading fees with users on X. Finn stated that the platform used profits from its own “BUY THE HAT” token to help fund the purchase. He hopes the hat will “return to the community in some way,” possibly by linking it to the token.
Sorry for the late congratulations 🥹✨ pic.twitter.com/RmIEPUEqKx
— achichu (@achichuchu)
Auction Surprises
The auction wasn’t without its problems. Ord City saw many fake bids. One fake offer was for 21 million Bitcoin, which is the total supply of all Bitcoin. This forced Ord City to pause the auction. They then increased the collateral needed from bidders to stop more fraud. Despite these hiccups, the “BUY THE HAT” token has soared. It gained over 700% in value in just 24 hours. Its market value now stands at $7.8 million, according to DEX Screener.
The Hat’s Story
The Dogwifhat meme first became popular in 2020. This happened on sites like Reddit and X (then Twitter). However, the original photo of Achi in the hat dates back to November 2018. Achi’s owners had knitted the hat as a simple Christmas decoration. The WIF cryptocurrency, built on Solana, launched in late 2023. It directly drew inspiration from the meme’s widespread popularity. Ord City worked to prove the hat’s authenticity. They shared high-resolution photos and a video showing the meme’s origin. This also documented where the hat came from.
Achi’s owners shared their thoughts on X about the hat. “This hat has been a good luck charm and a piece of internet culture,” they wrote. “It has traveled across chains, eras, and communities.” They added that it has inspired memes, talks, and connections among fans. “We hope it brings the same luck and fun to its new home,” they concluded.
A Previous Big Sale
This recent sale of the physical hat is large. But it is not the first time Achi’s image has fetched a huge price. In March 2024, the owners sold the original Dogwifhat photo as a digital collectible, or NFT. That auction took place on the Foundation marketplace. It ended with a winning bid of 1,210.8 ETH. This was about $4.3 million at the time, and around $4.7 million today. A crypto trader known as Gigantic Rebirth Ventures made that purchase.
Today, the WIF token trades at $0.92. It saw a 3.2% rise in the last 24 hours, based on recent market data. Still, the initial excitement around memecoins has cooled. WIF has lost over 70% of its value since its peak at the time of the NFT sale. However, its total market value remains strong, close to $1 billion.