The Solana network has witnessed the sale of a notable NFT, the image of a hat-adorned dog known as Achi, for a staggering $4.3 million. The auction, which spanned three days, saw the winning bid from Gigantic Rebirth Ventures, who secured the NFT with a hefty sum of 1,210.8 Ethereum. The sale was conducted on the Foundation marketplace and was broadcast live on March 15.
Record-Breaking Auction
The transaction was a collaborative effort with Fiesty DAO, as proclaimed by Achi’s owner on social media. Renamed from Chi-Chi to Achi, the dog resides in Korea, and the viral photo dates back to 2018, where the owner fashioned the pink hat themselves. A representative from Foundation commended the success of the photo, which sparked the memecoin ‘Dogwifhat’, and has now translated into a multi-million dollar NFT transaction.
Dogwifhat: A Memecoin Phenomenon
The image of Achi has since been integral to the Dogwifhat project, which saw its value soar to $3.2 billion by the end of the previous year. The memecoin’s rise in popularity elevated it to the 43rd rank among all cryptocurrencies. Currently, trading at $3.18, Dogwifhat has experienced a surge over the past day and month, with increases of 20% and 700%, respectively.
Recently, supporters of the memecoin gathered over $650,000 to feature the dogwifhat image on the Las Vegas globe, signifying the meme’s strong following. The Solana network, in particular, is buzzing with excitement thanks to the memecoin’s momentum, which is energizing the ecosystem and contributing to the upswing in SOL price. This phenomenon is drawing interest from investors looking for rapid gains and is catalyzing activity across various blockchain platforms.