Dogwifhat Meme NFT Auctioned For $4.3M To Enigmatic Trading Legend

18 March 2024

in NFT

Reading Time: 4 mins read

March 18, 2024 12:57 PM | 2 min read

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The original image that sparked the viral sensation of the Dogwifhat (CRYPTO: WIF) meme coin on the Solana (CRYPTO: SOL) blockchain was acquired for $4.3 million or 1,210 Ether.

What Happened: The transaction was executed by the pseudonymous trader GCR or GiganticRebirth, a highly regarded figure in the cryptocurrency world.

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The iconic image, featuring Achi the dog donning a quaint pink beanie, was put up for sale on the Foundation, a renowned crypto auction site, with a starting bid of just 0.15 ETH.

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The listing highlighted the image’s viral journey: “The photo of Achi wearing a small hat instantly took the internet by storm, and now it has captured the hearts of people around the globe as a meme called $wif.”

A spirited bidding war ensued that drew in notable participants including GCR, bidding under the guise of “PleasrDAO,” and Memeland, a notable entity in the crypto space.

GCR emerged victorious, securing the prized image with a bid of 1,210 Ethereum after an intense competition that lasted close to an hour.

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The auction’s initiation was credited to a team led by the crypto investor known on X as @cryptopathic, who later confirmed GCR’s triumph in the bidding war with a follow-up post.

Why It Matters: GCR’s reputation is not just built on high-profile acquisitions such as this. They were recognized as one of the top traders in terms of realized profit on the now-inoperative FTX exchange during the years 2021-22.

GCR has captivated a large following on X, the social media platform, with insightful market analyses and remarkably accurate forecasts of market trends well ahead of time.

Their acclaim further skyrocketed following their successful prediction and shorting of 30 tokens deemed overvalued in 2022, marking the market’s peak that year.

Despite GCR’s anonymity and their cessation of activity on X since April 2023, their insights and market maneuvers continue to be a topic of discussion and admiration across the platform.

Price Action: At the time of writing, Dogwifhat (CRYPTO: WIF) was trading at $2.86, up 16% over the past 24 hours, as reported by Benzinga Pro.

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Image created using artificial intelligence with Midjourney.