Dogwifhat meme caused a 17% increase in WIF prices when it sold for ($4M) to GCR.
From an opening of 0.15 ETH to a close of 1,210 ETH, GCR outbids Memeland.
With his post on the dog cap, Elon Musk accelerates WIF’s 24-hour volume spike by 49.99%.
The first Dogwifhat meme, which featured Achi the dog wearing a pink beanie hat, sold for 1,210 Ether (ETH), or around $4 million. Trader GiganticRebirth (GCR) acquired the Dogwifhat meme, causing a surge in value for Dogwifhat (WIF), a meme coin built on Solana blockchain. This incident has received much attention and marks another critical turning point in the relationship between cryptocurrencies and meme culture.
The Dogwifhat Auction Is Raising Much Interest.
The original artwork was advertised with an opening price of 0.15 ETH on Foundation, a website devoted to cryptocurrency art and auctions, where the sale took place. A fierce bidding battle characterized the auction, primarily between Memeland, a significant participant in the cryptocurrency space, and GCR, who was competing under the pseudonym “PleasrDAO.”
The winning bid of 1,210 ETH made by GCR showed how much the cryptocurrency community is willing to pay for meme-inspired digital assets, a growing trend.
Sold for 1,210 ETH ($4.3m) to GCR pic.twitter.com/ptKPc4cON3
— path.eth 🛡️ (@Cryptopathic) March 18, 2024
With its allure derived from the picture of Achi, the Dogwifhat meme debuted and swiftly became a widely recognized symbol on the internet. The ensuing auction and GCR’s involvement significantly raised the allure of WIF.
The Market Impact of GCR and the WIF Increase
GCR’s involvement in the transaction significantly impacts WIF’s market performance. GCR has gained a sizable following in cryptocurrency because of its astute market research and accurate forecasts.
Just one hour after GCR acquired the WIF coin, its price increased by 17%. The price has risen steadily over the past 30 days, indicating that this surge was not unique. Analysts have also connected this spike to Elon Musk’s latest X post with photographs of dogs wearing hats, further stoking the hype around Dogwifhat and GCR’s acquisition.
WIF’s 24-hour trading volume and market capitalization increased by 49.99% and 15.87%, respectively, to $2,805,344,838 and $1,102,407,126 during the rally.
