The impact of the memecoin Dogwifhat: between viral icon and NFT market

The presumed owner of a dog associated with the memecoin Dogwifhat is auctioning off an iconic image as an NFT.

Apparently, the supposed owner of this famous dog, known for its characteristic hat, has decided to sell an NFT of the image. 

The dog was the catalyst for the creation of the memecoin called dogwifhat, which currently ranks 49th in market capitalization. Let’s see all the details below. 

The iconic Dogwifhat dog: from memecoin to NFT sale

As anticipated, the supposed owner of the dog associated with the memecoin Dogwifhat is currently auctioning off a photo of it as an NFT.

The auction started three days ago and currently the bid for the NFT is 6.9 ETH, equivalent to about $25,000, as reported on the auction page on Foundation. 

According to a post published on the Instagram account of the alleged owner, this initiative is carried out in collaboration with Fiesty DAO.

In a previous post, the dog was known as Chichi, but now answers to the name Achi and resides in Korea. The alleged owner stated that he created the distinctive pink hat worn in the famous photo of the dog.

The person managing the Instagram account where the sale of the NFT was announced claims to be the legitimate owner of the dog, however has not provided tangible evidence other than other images of a similar dog. 

It was also promised to present further evidence via direct message on Instagram. Remember that the image of the dog inspired the creation of the memecoin towards the end of last year. 

Dogwifhat gained popularity at the end of February and reached a market capitalization of 2.8 billion dollars, ranking 49th among all cryptocurrencies.

This comes just days after the cryptocurrency community raised over $650,000 to project the image of dogwifhat onto the Las Vegas sphere.

Dogwifhat (WIF): the new star of meme coins in the crypto market

Dogwifhat (WIF) is emerging as the meme currency of the moment, with surprising intraday performance. The 8% increase in Dogecoin in the last 24 hours marks a step towards the threshold of 0.2 dollars. 

This meme coin based on Solana has climbed the ranks of the largest cryptocurrencies by market capitalization, recording an impressive 747% increase last month.

Currently, the WIF is trading at around 3.26 dollars, just below its all-time high of 3.36 dollars reached earlier in the day.

The attention on dogwifhat has increased after a major marketing campaign that will see the WIF light up the sphere in Las Vegas for a week.

On Wednesday, the crowdfunding initiative to exhibit the dog mascot with the hat in Las Vegas reached its goal, raising more than 690,000 dollars. The reaction to this development has pushed the price of WIF up.

Today, surpassing the $3 threshold, the price of WIF could continue to increase, considering the wide peak currently ongoing in the meme coin market. 

It is no coincidence that tokens like Pepe, Bonk, Myro, and Mog Coin have recorded significant gains in the last 24 hours.

Analysts’ forecasts for the price of WIF suggest that the bullish trend may be just beginning. 

On Wednesday, while the price of dogwifhat was below 3 dollars, cryptocurrency investor Arthur Hayes speculated that the meme coin could reach up to 10 dollars.

Even Raoul Pal, founder and CEO of Real Vision, has observed the astonishing gains of WIF, stating that his portfolio holds 2% in dogwifhat.