Dogwifhat Knitted Hat Sells for Nearly $800,000 at Auction

A physical pink beanie linked to the Dogwifhat meme coin has just sold for 6.8 BTC, which comes out to about $792,696. The winning bidder was Finn, the founder behind the Bags meme coin launchpad, who says he’ll eventually hand the hat back to the community. Whether that means a museum display, a stunt, or something else is still unclear, but it’s now officially in his hands.

Bidding Got So Intense the Auction Was Paused

At one point, someone tried to bid on the entire supply of Bitcoin. The platform, Ord City, wasn’t having it. They froze the auction, then reopened it with rules tightened. Once everything was back on track, Finn came in with the highest legitimate offer and took the prize. It’s a rare example of meme coin drama turning into a real bidding war for a physical item.

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The Hat Has Already Made Millions as an NFT

Long before this auction, the pink hat went viral thanks to a photo of Achi, the Shiba Inu, wearing it. That image became the face of $WIF and later sold as an NFT for over 1,200 ETH—around $4.3 million at the time. So technically, this beanie has now generated millions in both digital and physical form.

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This Was Funded by Meme Coin Hype

Finn’s bid wasn’t random. It was backed by proceeds from the “Buy the Hat” token, a meme coin that basically existed to win this auction. Now that he owns the hat, it’s been added to the Bags project’s logo. He’s hinted there’s more coming, but didn’t say exactly what. The whole thing is equal parts marketing move and cultural flex.

Token Price Exploded Right After the Win

The moment the sale went through, the Buy the Hat token started climbing. It shot up more than 290 percent, taking its market cap from $1.6 million to over $6.3 million in a matter of hours. The hype cooled a bit afterward, but it still held around $4.7 million, not bad for a meme coin with one objective.

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WIF Itself Is Still Hanging On

Dogwifhat (WIF) had a wild ride earlier this year. It hit a $4.5 billion market cap in March before falling off. Right now, it’s closer to $950 million. It’s no longer in the spotlight, but this sale brought it some fresh attention and reminded people why it caught fire in the first place.

The Beanie Was Made in South Korea

Achi’s owners knitted the pink hat themselves. The viral photo was taken when the pup was just a couple of months old. What started as a funny picture has now turned into one of the most recognizable images in the meme coin world, and the actual hat has become a symbol with real value attached.

What This All Means

This wasn’t just a high-priced gag. It’s part of a bigger pattern where crypto projects lean into cultural objects, remix them into tokens, and build communities around them. The Dogwifhat hat is no longer just a meme. It’s part of the evolving playbook for how internet culture turns artifacts into assets.

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