The knitted pink hat worn by the Shiba Inu known as Achi, a central figure in the viral “dogwifhat” meme, has sold for 6.8 Bitcoin ($793,409.18) in an online auction.

The event took place on August 8 via the digital marketplace platform Ord City and concluded in less than five hours.

The winning bid came from Finn, founder of the trading platform BAGS, who suggested further projects may follow the purchase.

The sale has coincided with a surge in the value and trading activity of the meme coin named after the viral image, dogwifhat (WIF), which has become a notable token in the crypto space.

Ord City hosted the auction of the pink knitted hat for the first time, with the item having never been sold previously.

The owner confirmed its authenticity before the bidding began by sharing an image of Achi and the owner seated behind the hat.

This image was inscribed onto the Bitcoin blockchain using Ordinals, making it a permanent part of the network’s digital records.

Finn’s bid of 6.8 BTC secured the hat, and he later announced the acquisition on X, noting that it was BAGS’ first purchase of its kind.

He also hinted that traders should be ready for upcoming developments linked to the hat.

I’m excited to announce that @BagsApp has made its first acquisition. We’ve acquired a $1B hat for just $0.7M Get ready for what’s coming next.

The platform’s site states the collectable may not be made available for public sale again in the future, adding to its scarcity value.

The hat is widely recognised as the key feature in the popular meme depicting the Shiba Inu staring at the camera while wearing the pink hat.

The image inspired the dogwifhat cryptocurrency token (WIF), which has recently seen a price lift.

WIF climbed as much as 5.7% in the 24 hours following the auction, hitting a peak of $0.96 before trading at $0.95.

The token remains 80% below its all-time high of $4.83, recorded earlier in its trading history.

Shiba Inu is trading at $0.00001294 at the time of writing and is up by 2.04% in the last 24 hours, showing wider market movement among popular meme coins during the same period.

Source: CoinMarketCap

The auction result appears to have spurred higher market activity for WIF.

Its daily trading volume increased by 73.7% in the past day, reflecting stronger demand and investor interest.

This growth follows the hat’s sale and may indicate heightened investor activity in the token during the period, as market participants responded to the high-profile event.

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