Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cointelegraph and TNW.
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: 6.0% Market cap: $1.01 B Vol. 24h: $278.34 M meme coin was sold in an online auction hosted by OrdCity on August 7, with a winning bid of 6.8 Bitcoin BTC $117 143 24h volatility: 0.5% Market cap: $2.33 T Vol. 24h: $29.45 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: 5.4% Market cap: $8.00 B Vol. 24h: $209.97 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.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
