Dogwifhat memecoin's iconic photo sold as NFT for $4.3 million

The purported owner of Achi, the dog behind the Solana-based memecoin Dogwifhat, sold the iconic photo of the dog wearing a hat as an NFT for $4.3 million.

The three-day auction went live on NFT marketplace Foundation on Friday, with crypto trader Gigantic Rebirth Ventures (@GCR) ultimately making the winning bid of 1,210.8 ETH, according to the platform.

Last week, a post on the purported owner’s Instagram account stated that the NFT auction was being carried out in partnership with Fiesty DAO. The dog, reportedly previously called Chi-Chi, is now named Achi and resides in Korea. The purported owner stated that it made the pink hat worn in the famous photo of the dog, taken in 2018.

“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,” Foundation’s partnerships manager posted on X. “Today, that image was collected by Gigantic Rebirth Ventures on FND for 1,210.759 ETH (4.3 million)!”

Achi’s picture evolved into a notable memecoin toward the end of last year, subsequently surging to a $3.2 billion market cap, now ranking 43rd across all cryptocurrencies, as Dogwifhat went viral.

Dogwifhat is currently trading at $3.18, according to The Block’s price page. Dogwifhat has gained more than 20% over the past 24 hours and nearly 700% over the past month as Solana’s metrics surge amid the memecoin mania.

WIF/USD. Image: The Block/TradingView.

The sale comes just days after crypto holders raised over $650,000 to put the dogwifhat picture on the Las Vegas sphere.