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The original Dogwifhat meme, featuring a dog wearing a pink beanie hat, has been sold for 1,210.759 ETH, worth approximately $4 million at the time of writing. Prominent crypto trader Gigantic Rebirth (GCR) won the bid at an auction hosted by Foundation.

The auction saw a fierce bidding war between GCR, using the alias “PleasrDAO,” and Memeland, a crypto project. GCR ultimately emerged victorious with a winning bid of 1,210.759 ETH after nearly an hour of intense competition. The original meme can be studied as an ERC-721 NFT (non-fungible token) through this Etherscan address.

Cryptopathic, a pseudonymous crypto investor involved in setting up the auction, confirmed on social media platform X that GCR had submitted the winning bid. The auction was settled by Chris Biron, a designer at Foundation.

“On November 17, 2018, Achi’s parents captured him in an endearing hat on camera. 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,” Foundation said in its post about the auction.

GCR’s involvement in the auction has significant implications for the crypto community, given their reputation as one of the top traders by realized profit on the now-defunct crypto exchange FTX in 2021-22.

Known for their insightful market analysis and uncanny ability to predict market movements months in advance, GCR gained further acclaim by accurately timing the market top in 2022 and shorting 30 popular tokens they considered overvalued.

Although GCR has maintained anonymity and ceased using X from at least April 2023, their influence continues to resonate within the crypto community, with their posts frequently cited and referenced across the platform.

The news of GCR’s successful bid for the original Dogwifhat meme has had an immediate impact on the price of the associated meme coin, $WIF, which surged by 10% in the hour following the auction’s conclusion.

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