Dogwifhat NFT Sale Sparks 60% Rally in WIF Price

• Solana memecoin sensation dogwifhat ((WIF) jumped 60% following the sale of its original dog mascot.
• The memecoin is getting enormous backing from industry experts like Arthur Hayes.

Dogwifhat (WIF), a Solana-based meme coin launched in December saw its price soar by 60% on Monday following the sale of the original picture that inspired the token as a Non-Fungible Token (NFT).

GCR Buys Dogwifhat NFT for $4.3 Million

A crypto influencer with the username @AmirOmu on the X platform announced that Global Coin Research (GCR), a Web3 Research Group completed the acquisition using $4.3 million worth of Ethereum (ETH).

GCR just bought the $WIF FOR $4.3m!!!

Link to the buy: https://t.co/7qQqCddWUf

GCR’s new address:https://t.co/nZhJMp2uX5

GCR’s OG address that sent funds to the bidder address:https://t.co/gU5J48s1D7 pic.twitter.com/sSRQUSJ9PP

— Amir Ormu (On-Chain Alfa 💎) (@AmirOrmu) March 18, 2024

A photo of Achi, the dog dressed in a pink beanie hat, was listed on the crypto auction platform Foundation for an initial price of 0.15 ETH. “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,” the description reads.

Crypto investor @cryptopathic stated on X that his team initiated the auction and confirmed in a subsequent post that GCR placed the winning bid. Notably, GCR was one of the top traders by realized profit on the now-defunct FTX crypto exchange in 2021-22, attracting a large audience on X for educated market commentary and the ability to forecast market changes months in advance.

GCR rose to prominence as one of the few traders that correctly predicted the market’s peak in 2022, shorting 30 popular tokens that IT believed were overvalued. While GCR’s identity has not been established and stopped using X in April 2023, its posts are still being cited across the network.

Markedly, GCR’s purchase of Dogwifhat’s NFT occurred following a recent post by Elon Musk. Musk, renowned for his fondness for meme coins and his influence in the crypto space, released a photograph of dogs wearing hats, further boosting speculation and enthusiasm surrounding Dogwifhat.

According to CoinGecko data, the combined effect of Musk’s post and GCR’s NFT purchase pushed Dogwifhat’s market capitalization to almost $3.21 billion. 

Dogwifhat’s Rise to Fame

Dogwifhat’s surge to fame is a combination of market speculation and its unique position in the meme coin market. Dogwifhat, inspired by an internet joke about a dog wearing a hat, captures the fun essence of meme culture while utilizing Solana’s superior blockchain technology.

Also, the token’s decentralized ownership structure and community-driven development method set it apart from its competitors. This spirit has likely contributed to Dogwifhat’s tenacity and popularity in an increasingly competitive crypto industry.

It is worth noting that this is not the first time Dogwifhat has experienced a substantial price increase. The meme coin’s value has increased by more than 100% on several occasions. The outstanding performance has attracted the interest of key industry players such as Robinhood Crypto Europe with its recent integration.

Expanding on what was earlier reported by Crypto News Flash, Arthur Hayes, co-founder of BitMEX, has projected a future WIF price goal of $10. At the time of writing, WIF was trading at $2.25, with a market cap of $2.3 billion, and a 24-hour trading volume that increased by 16.8% to $1 billion.

Recommended for you: