Expensive Pink Shiba Inu Hat fetches $799,000 at public auction, set by user Dogwifhat.
In a remarkable turn of events, a pink knit cap associated with the dogwifhat meme coin was sold in an online auction for 6.8 Bitcoin. The auction, hosted by OrdCity on August 7, not only marked a significant milestone for the piece of internet culture but also accompanied a skyrocketing token burn rate in SHIB.
The auctioned hat, considered a valuable piece of cryptocurrency memorabilia, is a testament to the growing influence of meme coins in the digital world. As of the article's publication, both Shiba Inu (SHIB) and its counterpart WIF are up around 2% and 5% respectively, reflecting the excitement generated by the event.
Shiba Inu, one of the largest and most prominent meme coins, has been making waves in the crypto market. Despite a slight dip of about 6% over the previous week, the coin is currently experiencing a rebound after a rocky 30-day period. The 24-hour trading activity for SHIB, as reported by TradingView, suggests a resurgence of interest in the meme coin.
The token burn rate, a process where tokens are permanently removed from circulation, contributed another 2% gain for SHIB, further boosting its value. Following the auction, both WIF and Shiba Inu meme coins experienced price surges, with WIF up 23% and SHIB up 39%.
Interestingly, a shoutout from tech billionaire Elon Musk in 2024 caused WIF to increase more than 2%. However, it's important to note that market conditions can change rapidly, and it's advised to verify information and consult with a professional before making decisions based on this content.
The authenticity of the hat was confirmed by the account for Achi and OrdCity. While the identity of the buyer, Finn, remains undisclosed, it is known that Finn is the founder of the BAGS trading platform. Achi's handlers posted a message congratulating Finn on the win.
As the meme coin market continues to evolve, events like the dogwifhat hat auction serve as a reminder of the unique and vibrant community that surrounds these digital assets. While the impact of such events on the overall market can be difficult to predict, they undeniably add an element of excitement and unpredictability to the world of cryptocurrency.
The extraordinary dogwifhat hat auction, facilitated by OrdCity, spotlights the expanding impact of meme coins in the digital finance landscape. Witnessing a 39% surge, Shiba Inu (SHIB) has been bolstered by the event and exhibits a thriving resurgence, especially in the 24-hour trading activity.
