The pink Dogwifhat knitted hat that became an internet sensation via the online doge meme has fetched more than 800,000 dollars worth of Bitcoins. The auction has attracted international interest not just because it relates to internet culture, but also because it is connected with blockchain verification.
First made in 2018 as a Christmas ornament, the cap became famous after the owners of a Shiba Inu dog named Achi posted a picture of the dog wearing the cap online. The viral photo inspired the Dogwifhat meme and the resulting $WIF cryptocurrency. The auction now taking place is the first and only time the physical cap will be available for public purchase.
The owners checked the history of the cap on the Bitcoin network's blockchain with the Ordinals protocol. Such a strategy allows automated digital follow-up of the origin of the artifact, high-resolution photos, a signed confirmation letter, and a video.
The Dogwifhat NFT meme was previously sold as an NFT for 1,210 ETH or about $4.3 million at the time. Similar interest is also displayed in the auction of the physical cap. Blockchain authentication is key to establishing trust and ownership, which makes collectibles more valuable.
The newest fashion is the Dogecoin cap, as internet-born goods started making inroads into the crypto markets, representing high values. The combination of physical and online authentication reflects the level at which collectors value property related to viral content.
Collectors are not just buying pieces of memories; they are buying verifiable, rare assets that have a clear record of ownership. Such a tendency is consistent with a wider enthusiasm around Ordinals-based art and Bitcoin-related artefacts.
With the trend of meme culture in the world of digital assets, physical items related to iconic events might re-attain a new meaning. The Dogwifhat cap auction can be regarded as the next step, as the item that was once intended as a basic decoration is subject to a six-figure bid in crypto, bringing together cultural values and blockchain.
As that final sale is set, the object highlights the changing cross-sections of internet history, cryptocurrency and collectable value. The results of the auction could determine the future because people will be interested in physical crypto tokens and their appearance in established blockchain environments.