- An NFT of a photo of Achi, the dog that inspired the dogwifhat (WIF) meme coin, has sold for US$4.3 million dollars.
- The NFT sale comes after WIF increased in price over 600x since December last year.
- Crypto analysts warn that meme coins are risky, pointing to several investors who’ve lost big on poorly-timed meme coin bets recently.
Every dog has its day! For Achi, the Shiba Inu that inspired the Solana-based meme coin dogwifhat (WIF), that day has been extremely lucrative.
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An NFT of a photo of Achi ‘wif’ her little hat on has sold for US$4.3 million on Sunday following a three-day auction on NFT marketplace Foundation. That’s a lot of squeaky toys and dog bones!
The successful bidder, a crypto trader known as Gigantic Rebirth Ventures, paid 1,210.8 ETH for the NFT according to the marketplace.
NFT Sale Comes After WIF Moons
The NFT sale, which was conducted in partnership with Feisty DAO, was announced last week in an Instagram post by a user who claims to be Achi’s owner. The NFT was simply a photo of Achi wearing a cute knitted hat:
The sale of the Achi NFT comes after an incredible run by the WIF token over the past few months — in early December 2023 it was selling for around US$0.005 and on March 15 this year it peaked at an incredible US$3.16. That’s an increase of over 600 times.
At the time of writing, WIF was changing hands at US$2.57 and sitting just outside the top 50 cryptocurrencies by market cap at number 51, according to data from CoinGecko.
Crypto Watchers Warn Of Meme Coin Risks
Stories like WIF can really get the FOMO juices flowing for a lot of crypto investors, but the unfortunate reality is that for every person who makes a killing off a meme coin, there’s usually several others making big losses.
To illustrate this fact, Elja, one of the largest crypto analysts on X, examined the story of a trader who invested in 11 different Solana-based meme coins in a three-day period — the results weren’t pretty.
The trader wound up selling all 11 coins at a loss and in total lost over US$150,000 of Solana — and these losses could be even more substantial in the future if Solana’s price continues on its upwards trajectory.
Elja also shared a second story of another FOMO-addled degen who sank over 7500 SOL into the meme coin SLERF, before panic selling as the price began to tank and losing 3731 SOL, currently valued at around US$775,000.
Related: Standard Chartered Upgrades Year-End Outlook with Bullish Bitcoin Forecast
While many consider meme coins a bit of fun and a good way to increase engagement with crypto, the current flood of low effort meme coins, particularly on the Solana blockchain, has caused some concerns that legitimate projects are being overshadowed by memes:
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