Dogwifhat Knitted Hat Fetches $800K from Meme Coin Launchpad Founder—Proving Crypto Still Buys the Dumbest Stuff
Crypto's latest flex? A literal dog hat just sold for the price of a Beverly Hills mansion.
Meme Coin Madness Reaches New Peak
The founder of a meme coin launchpad dropped $800,000 on Dogwifhat’s iconic knitted beanie—a garment originally worn by a Shiba Inu in a 2018 viral photo. Because nothing says 'sound investment' like paying seven figures for used pet apparel.
Degens Gonna Degen
This isn’t just a hat—it’s a trophy for the absurdity of crypto culture. The buyer, whose platform specializes in pumping meme tokens, clearly understands the assignment: in this market, utility is overrated, and vibes are priceless.
Meanwhile, traditional finance bros are still arguing about P/E ratios.
What next for the hat?
Finn is the founder and CEO of Bags, a new token launchpad which allows token deployers to share trading fees with a user on X. It has led to a wave of original artists, such as the creators of the vintage memes Trollface and Nyan Cat, being paid for meme coins of their art—although the artists do not necessarily support the projects.
The founder claims that he bought the hat using fees associated with a token from Bags, called Buy the Hat, plus some of his own money. He said that he’s doing it to “make sure the hat goes back to the community in some way.”
Sorry for the late congratulations @finnbags 🥹✨ pic.twitter.com/RmIEPUEqKx
— achichu (@achichuchu) August 8, 2025
Later he said that he can “update the metadata” of the token once after he wins the auction, possibly hinting at the Buy the Hat token morphing into a some sort of sequel to Dogwifhat. Once his bid was successful, he added the hat to the Bags logo, teasing “get ready for what’s coming next.”
Buy the Hat surged 292% from a market cap of $1.62 million to $6.37 million over 10 hours, as traders anticipate what the hat purchase could possibly mean. It subsequently retraced 25% to $4.76 million on Friday morning, according to DEX Screener.
What is Dogwifhat (WIF)?
Dogwifhat (WIF) was one of the most popular solana meme coins of last year, hitting a peak market cap of $4.58 billion in March 2024. The high came amid a campaign to advertise the token on the Las Vegas Sphere, for which its community raised $700,000—but the plan ultimately fell apart a year later. WIF is now at a $954 million market cap, according to DEX Screener, up 5% on the day.
The meme is simply that it is a cute dog wearing a knitted pink hat, prompting its supporters to say “the hat stays on” in a sign of support for the token. Its success has also spawned countless “wif hat” related meme coins—including Catwifhat, Bidenwifhat, and more.
Where did the hat come from?
The hat itself was hand-knitted by the owner of adorable shiba inu pup Achi while living in South Korea, with the iconic photo snapped two months after Achi's birth in 2018.
Her owners initially reacted positively to their dog’s newfound fame, announcing an NFT auction of the original photo of Achi. However, the auction was set to take place on ethereum which peeved the pup’s Solana-centric meme coin fanbase. It came after Achi’s owners were put off Solana after being misled by a meme coin developer who launched an ACHI token for them—before rug pulling it.
On March 18, the photo of Achi sold for 1,210.759 ETH (around $4.27 million at the time). Now, more than a year later, the owners returned to sell the physical hat to the highest bidder.
“This hat has been a lucky charm for us and a piece of internet culture that has traveled across chains, timelines, and communities, carrying our story along the way,” the owners wrote in a post, congratulating Finn on his win. “It has sparked conversations, inspired memes and connected people who share the same love for the dog WIF hat. We hope it brings you and everyone around you the same luck, fun, and serendipity it brought us.”
