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A Chinese influencer bid 100 BTC for a Dogwifhat meme hat, setting a new auction record of $347 million.
According to PandoraTech News, the popular crypto meme coin Dogwifhat ($WIF), whose iconic pink knitted hat is currently being auctioned for Bitcoin, has become a hot topic in the Web3 community. The hat is inspired by a viral image of the Shiba Inu dog Achi wearing a hat, which circulated on Reddit and Twitter in late 2020. The image, featuring the typo-laden caption "dog wif hat" and the dog's comical image, went viral, later spawning the $WIF coin, which peaked at a market capitalization of billions of dollars.
Achi's family put the hat up for auction, promising the winning bidder the following: the actual hat, a previously unseen photo of Achi, a recent photo of Achi with the hat, and a handwritten verification note. Following the auction announcement, FINN, the founder of Bags, the Solana ecosystem asset issuance platform, announced a token issuance and claimed the token proceeds would be used to purchase the hat. The token's market value briefly soared to $4.24 million.
However, a well-known Chinese influencer, "Calm Calm Again Calm," suddenly bid 100 BTC (approximately $11.65 million at the time), significantly outbidding all other bidders and causing the market value of FINN's issued token to rapidly decline to approximately $2 million. A vulnerability in the auction platform was later discovered, requiring only a $2,900 deposit to bid 100 BTC. This vulnerability has since been patched, raising the bid threshold to 0.82 BTC (approximately $95,000), and deleting any unusual bids. As of press time, the highest bid had fallen back to 8 BTC.
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This meme hat auction combined crypto meme culture, social media manipulation, and blockchain asset speculation, demonstrating the new era of high-priced bidding for "digital items + emotional IP." While the Chinese influencer's 100 BTC bid generated buzz, the technical vulnerability reveals that Web3 auction platforms still need to improve their risk management mechanisms. In the future, similar auctions combining physical items with memes may become a new form of digital collectibles, alongside NFTs and RWAs.
PandoraTech - Opening the Pandora's Box of Blockchain
