Key Notes
- BAGS platform founder purchased the authenticated dogwifhat memorabilia for 6.8 Bitcoin after intense bidding competition.
- Both WIF and SHIB meme coins experienced 5% price surges following the high-profile auction's conclusion on August 7th.
- Trading volumes jumped significantly with SHIB up 39% and WIF up 23% as viral moments continue driving market momentum.
A pink knit cap associated with the dogwifhat WIF $1.01 24h volatility: 4.9% Market cap: $1.01 B Vol. 24h: $260.28 M meme coin was sold in an online auction hosted by OrdCity on August 7, with a winning bid of 6.8 Bitcoin BTC $116 753 24h volatility: 0.3% Market cap: $2.32 T Vol. 24h: $28.38 B worth nearly $795,600 at the time.
The hat, considered a valuable piece of cryptocurrency memorabilia by some, was purchased by “ Finn ,” founder of the BAGS trading platform, after a 5-hour bidding period. Its authenticity was confirmed by the account for Achi , the dog whose viral photograph inspired the WIF coin, and OrdCity on X.
A dog wearing a pink knit cap | source: @ordcity on X
After the auction closed, Achi’s handlers posted a message congratulating Finn on the win. The hat, they wrote, “has been a lucky charm” and “a piece of internet culture that has traveled across chains, timelines, and communities.”
Both WIF and Shiba Inu SHIB $0.000014 24h volatility: 5.8% Market cap: $8.14 B Vol. 24h: $253.60 M — another dog-inspired meme coin not directly related to WIF — rose as much as 5% in the hours after the auction and remain up around 2% as of this article’s publication. Trading volume also increased for both coins during the same period, with SHIB up 39% and WIF up 23%.
24-hour trading activity for Shiba Inu | Source: TradingView.
24-hour trading activity for Dogwifhat | source: TradingView.
SHIB and WIF have a history of demonstrating positive market movement after viral moments. As Coinspeaker reported in 2024 , a shoutout on X from tech billionaire Elon Musk sent the price of WIF up more than 2%.
Meanwhile, SHIB is currently in the midst of a rebound after a rocky 30-day period. The auction bump accompanies a skyrocketing token burn rate that contributed another 2% gain as SHIB remains on the road to recovery. As of this article’s publication, SHIB is down about 6% over the previous week.
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