Viral ’dogwifhat’ meme hat fetches $800K in auction—proving crypto isn’t the only absurd store of value

Move over, Bitcoin—the real digital-age collectible was a knitted hat all along.

The iconic 'dogwifhat' meme—featuring a Shiba Inu sporting a pink beanie—just saw its physical counterpart sell for nearly $800,000 at auction. Forget NFTs; this was IRL absurdity at its finest.

Why it matters

When a meme transcends screens and becomes a tangible status symbol, you know we've entered peak internet capitalism. The buyer didn't just acquire headwear—they purchased a slice of viral history.

The finance angle

Hedge funds are down 5% YTD, but hey—at least this hat appreciated faster than your dividend stocks. The auction proves once again that internet culture moves markets faster than any SEC filing ever could.

Bottom line

In a world where JPEGs sell for millions, maybe paying $800K for fabric isn't so crazy. Or maybe it's the clearest sign yet that value is whatever we collectively hallucinate it to be.

Did the hat auction impact dogwifhat’s price?

In the past few hours since the auction began and ended, the token has been on an uphill rally, according to data from crypto.news. In the past 24 hours, the token has surged as much as 5.7%, reaching a peak of $0.96. It is currently trading hands $0.95, sitting 80% below its all-time high of $4.83.

The trading volume for WIF also enjoyed a significant rise following the price surge fueled by the auction results. In the past trading day, the token’s daily trading volume has risen by 73.7%. This indicates a notable rise in market activity involving the token.

On August 8, the market cap for dogwifhat went up by 4.93%, reaching more than $296 million.