Original dogwifhat knitted hat from meme sold for nearly $800k in online auction

Founder of the trading platform BAGS, Finn, acquires the original dogwifhat cap, worn by viral dog Achi, from an online auction hosted on Ord City. The hat was sold at a price of $793,409.

On August 8, the original knitted pink hat worn by the Shiba Inu named Achi was first auctioned off by the original owner on the digital marketplace platform Ord City. In less than five hours, the auction ended with the winning bid placed at 6.8 Bitcoin (BTC) or worth $793,409.18 at the time of purchase.

Founder of BAGS, known as Finn, placed the winning bid on the knitted hat on Aug. 8. According to the site, the collectible, which has never been sold before, may not be publicly traded again in the future.

“I’m excited to announce that @BagsApp has made its first acquisition. We’ve acquired a $1b hat for just $0.7m,” said Finn on a recent X post.

The trading platform founder seemed to hint at incoming future projects to commemorate the acquisition of the hat, saying that traders should anticipate “what’s coming next.”

The hat is synonymous with the viral meme that depicts a Shiba Inu dog wearing a pink knitted hat, staring at the camera. It has also been turned into a meme coin known in the crypto space as dogwifhat or WIF (WIF).

Before the auction was launched, the owner of the hat verified the collectible’s authenticity by sharing a picture of Achi the dog and its owner sitting behind the hat. The photo was inscribed on the Bitcoin blockchain via Ordinals before the auction began.

Did the hat auction impact dogwifhat’s price?

In the past few hours since the auction began and ended, the token has been on an uphill rally, according to data from crypto.news. In the past 24 hours, the token has surged as much as 5.7%, reaching a peak of $0.96. It is currently trading hands $0.95, sitting 80% below its all-time high of $4.83.

The trading volume for WIF also enjoyed a significant rise following the price surge fueled by the auction results. In the past trading day, the token’s daily trading volume has risen by 73.7%. This indicates a notable rise in market activity involving the token.

On August 8, the market cap for dogwifhat went up by 4.93%, reaching more than $296 million.