A knitted hat associated with the popular meme coin Dogwifhat sold for $792,696 on Thursday night. The highest bidder was the founder and CEO of rising meme coin launchpad Bags, simply known as Finn, who said he wanted to give the hat “back to the community.”
The auction for the physical hat took place on Bitcoin ordinal platform Ordcity. Finn was battling alongside two other bidders, named Gr3g and X:md96178 in the auction.
At one point, the platform had to pause and relaunch the bidding war as they “massive underestimated your degeneracy” after someone bid the entire supply of Bitcoin—which is obviously not possible.
Finally, once the platform had sorted out the abusers, Finn won the auction with a 6.8 BTC bid, approximately $792,696.
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.”
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.
Source: finance.yahoo.com
