The original pink knitted hat, which became a recognizable symbol of the Dogwifhat meme, was sold at auction for 6.8 BTC, equivalent to nearly $800,000 at the current exchange rate. The buyer was Finn, the founder of the BAGS launchpad on the Solana network. He stated that he made the purchase on behalf of his platform, intending to return the iconic item to the community.
This is reported by Business • Media
How the Auction Went and Who the Winner Was
The sale of the hat took place on the Ord City platform, where the lot appeared on August 5, 2025. Bidding started at a minimum of 0.00025 BTC, but the amounts quickly increased. It is known that at one point, one participant attempted to place a fake bid of 21 million BTC, which the organizers promptly removed.
Finn confirmed the purchase on the social media platform X (formerly Twitter), emphasizing plans to return the hat to the community, although details regarding further actions are currently not disclosed.
“I am pleased to announce that @BagsApp has made its first acquisition. We bought the hat for $1B for just $0.7M. Get ready for what comes next.”
The Significance of the Hat and the History of Memes
The physical artifact of the Dogwifhat meme is this handmade pink hat, which was placed on a Shiba Inu dog nicknamed Achi. The viral photo, taken in 2018, became the basis for the popular meme coin and numerous internet jokes. The photo was taken two months after the puppy’s birth.
To finance the purchase, Finn partially used his own funds and also raised money from transactions with the Buy the Hat token, which was created specifically for this purpose. After the BAGS founder’s victory in the auction, the asset’s capitalization increased to $7.6 million.
It is worth noting that this is not the first successful sale related to the Dogwifhat meme: earlier, the original photo of Achi as an NFT was sold for $4.3 million. In March 2024, Dogwifhat supporters (WIF) raised over $700,000 for a promotional campaign for the meme coin on the MSG Sphere screen in Las Vegas.