The original pink knitted beanie made famous by the Dogwifhat meme has a new owner. The hat — worn by Achi, the Shiba Inu at the heart of the viral image — sold for 6.8 BTC (about $794,000) in an online auction hosted by Bitcoin Ordinals marketplace Ord City.

The winning bidder was “Finn,” the pseudonymous founder of Solana-based memecoin launchpad Bags, who outpaced two strong competitors during the 48-hour bidding war.
“We’ve acquired a $1B hat for just $0.7M,” Finn posted on X, adding the beanie to the Bags brand avatar.
I’m excited to announce that @BagsApp has made its first acquisition.
— FINN (@finnbags) August 7, 2025
We’ve acquired a $1B hat for just $0.7M
Get ready for what’s coming next. pic.twitter.com/jiOGyar6tq
Auction Drama and Community Ties
The event wasn’t without hiccups. At one point, Ord City paused bidding after prank offers were submitted — including one for the entire 21 million BTC supply. To curb the disruption, the platform raised its collateral requirements before resuming the auction.
I've committed all fees earned from this coin to buying the original dogwifhat hat for the community.
— FINN (@finnbags) August 7, 2025
ESBCnCXtEZDmX8QnHU6qMZXd9mvjSAZVoYaLKKADBAGS
the auction is live here: https://t.co/8HUffw0oRL
Finn revealed that part of the purchase was funded by trading fees from a Bags-deployed token called BUY THE HAT, which surged over 700% in value in the past day, reaching a $7.8 million market cap, according to DEX Screener. He hinted the hat would be “returned to the community in some way,” possibly linking it to the token.
we are holding #1
— FINN (@finnbags) August 7, 2025
I'm staying up all night to ensure this victory.
(we can update the metadata of the token after)
the sky is the limit, but we have to win.
drop your ideas below 👇 pic.twitter.com/RIe9bMblpJ
From Christmas Decoration to Crypto Icon
The pink beanie began life as a handmade Christmas decoration and first appeared on Achi in a November 2018 Instagram post. The image spread quickly across Reddit and Twitter in 2020, eventually inspiring the WIF cryptocurrency on Solana in late 2023.
Sorry for the late congratulations @finnbags 🥹✨ pic.twitter.com/RmIEPUEqKx
— achichu (@achichuchu) August 8, 2025
Ord City authenticated the hat through high-resolution images and a video tracing its journey from Achi’s owners. In a post congratulating Finn, the owners called it “a lucky charm” that had “traveled across chains, timelines, and communities,” connecting fans of the meme worldwide.
Not the Meme’s Biggest Payday
While the $800K sale is significant, it’s well below the $4.3 million fetched by the Dogwifhat meme’s original photo NFT in March 2024. That auction, held on Foundation, saw crypto trader Gigantic Rebirth Ventures secure the winning bid of 1,210.8 ETH.

At press time, WIF is trading at $0.92 — up 3.2% in 24 hours but still down more than 70% from its peak during the NFT sale hype. Despite the drop, it maintains a market cap close to $1 billion.