Dogwifhat Hat Auction Paused After Degens Go Too Far
On Thursday night, a knitted hat linked to the well-known meme coin Dogwifhat brought $792,696. Finn, the CEO and founder of the popular meme coin launchpad Bags, was the highest bidder and stated that he wished to return the hat to the community. The physical hat was up for auction on the Bitcoin Ordinal website, Ordcity. Two other bidders, Gr3g and X:md96178, were competing with Finn in the auction.
The platform admitted that they had significantly underestimated the players’ degeneracy at one point, forcing them to halt and repeat the auction. After someone made an offer to purchase all of the Bitcoin, this happened. Finn won the auction with an offer of 6.8 BTC, or around $792,696, once the platform had finally taken care of those responsible.
Finn’s Hat Purchase Sends Buy the Hat Token Soaring
Token deployers can share trading costs with a user on X using Bags, a new token launchpad founded and run by Finn. Thus, several original artists have been compensated for their work using meme coins, including the makers of the classic memes Trollface and Nyan Cat. According to the founder, he used some of his own funds in addition to fees related to a Bags coin dubbed Buy the Hat to purchase the hat. He stated that he is taking this action to ensure that the hat somehow returns to the community.
His later statement that he can edit the token’s metadata once he wins the auction may be a signal that the Buy the Hat token will eventually become a Dogwifhat sequel. He teased what would happen next by adding the hat to the Bags logo once his bid was accepted. Over the course of ten hours, Buy the Hat’s market capitalization increased 292%, from $1.62 million to $6.37 million, as traders speculated about the potential implications of the hat purchase.
The Story Behind the Meme Hat That Sold for Millions
While residing in South Korea, the owner of the cute Shiba Inu puppy, Achi, hand-knit the cap. The famous picture was taken two months after Achi was born in 2018. At first, her owners were happy about their dog’s newfound celebrity and announced that the original Achi photo would be up for auction as an NFT. But Ethereum was chosen to host the auction, which infuriated the pup’s Solana-focused meme coin fan base. On March 18, Achi’s picture brought in 1,210.759 ETH, or almost $4.27 million at the time. The owners came back to sell the actual hat to the highest bidder over a year later.
This hat has been a lucky charm for us and a piece of internet culture that has traveled across chains, timelines, and communities, carrying our story along the way. It has sparked conversations, inspired memes and connected people who share the same love for the dog wif hat. We hope it brings you and everyone around you the same luck, fun, and serendipity it brought us.
the owners
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