The pink knitted hat, famous for the popular internet meme Dogwifhat, was sold at auction for 6.8 bitcoins, which at the time of the transaction was equivalent to nearly $800,000. The buyer of the lot was Finn, the founder of the BAGS launchpad on the Solana network, who purchased it with the intention of returning it to the community.
This is reported by Finway
Auction Details: How the Bidding Went
The auction took place on the Ord City platform, where the original hat was listed on August 5, 2025. This hat can be seen in the famous photo featuring a Shiba Inu dog named Achi. The dog’s owner knitted this hat by hand in 2018, shortly after Achi was born. This very photo became the basis for the popular meme coin Dogwifhat.
The starting price of the lot was only 0.00025 BTC, but over time, the bids significantly increased. During the auction, one participant placed a bid of 21 million bitcoins, but it was quickly annulled as invalid. Ultimately, the hat was purchased for 6.8 BTC.
Plans of the New Owner and Market Impact
Finn, acting on behalf of the BAGS platform, officially confirmed the purchase on his page on X (formerly Twitter). He raised part of the funds for the hat’s acquisition by collecting transaction fees from the Buy the Hat token, created specifically for this purpose, as well as using his own money.
“I am excited to announce that @BagsApp has made its first acquisition. We bought the hat for $1B for just $0.7M. Get ready for what comes next.”
Following Finn’s victory, the market capitalization of the Buy the Hat token rose to $7.6 million. Although Finn has not yet disclosed specific plans for the future of the hat, he previously stated his intention to “somehow return it to the community.”
It is worth noting that the original photo of Achi, which became the basis for the meme, was previously sold as an NFT for $4.3 million. Additionally, in March 2024, the Dogwifhat community raised $700,000 to advertise the meme coin on the MSG Sphere screen in Las Vegas.