Crypto trader GCR bought Shiba Inu Behind ‘Dogwifhat’ Meme Auctions NFT for 1,210 Ether

The NFT of the original photo of Achi wearing a woven beanie was put up for auction on the Ethereum blockchain on March 15. Meanwhile, a South Korean Instagram user revealed that Achi, the Shiba Inu subject of the “Dogwifhat” meme, was their pet. The owner of the Shiba Inu has now amassed 4.3 million dollars in wealth thanks to the well-known “Dogwifhat” photo. 

Partners in the Achi NFT auction have confirmed that the user who posted the NFT has been verified as Achi’s real parent. The photograph that the Shiba Inu uses as its badge dates back to 2018 and was photographed by a South Korean Instagramer named Ma_babezz. Shortly after, Shiba Inu launched as a memecoin in November. Shiba Inu has become the fourth most in-demand memecoin in the crypto space, with a market size of $2.8 billion.

Memecoins are experiencing strong demand and increased trading volume, indicating tremendous upside potential. The sale of Shiba Inu was followed by a vigorous bidding war between GCR and Memeland. GCR won the auction after an hour-long tussle for the Shiba Inu ‘dogwifhat’ photo by offering 1,210.759 ETH. Through this Etherscan address, the original meme can be analyzed as a non-fungible token (NFT) that conforms to the ERC-721 protocol. Chris Biron, a designer at Foundation, was the one who facilitated the auction’s winner.

The Achi NFT auction on Foundation sparked major debate because the NFT was minted on Ethereum. Solana followers flocked to Instagram to express their displeasure at Achi’s choice to work with Feisty DAO, as Shiba Inu has long been associated with Solana memes. Feisty DAO, an NFT project well recognized for selling fractionalized Shiba-themed NFTs on Ethereum, assisted the Shiba Inu owner in listing the image on the Foundation marketplace.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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