Influential trader GiganticRebirth, widely known as GCR, has acquired the original image that inspired the wildly popular Dogwifhat meme for a staggering $4 million worth of ether (ETH). The iconic picture features Achi, a dog adorned with a pink beanie hat, and was listed on the crypto auction platform Foundation with an initial price of 0.15 ETH.
GCR’s winning bid sparks WIF surge after Dogwifhat acquisition
The auction swiftly escalated into a bidding war between GCR, operating under the alias “PleasrDAO,” and Memeland, a crypto project, ultimately resulting in GCR securing the image with a winning bid of 1,210 ETH after intense bidding that spanned nearly an hour.
The acquisition of the original Dogwifhat image by GCR has had an immediate impact on the market, particularly on the price of the associated cryptocurrency, WIF. Prices of WIF surged within the past hour as users discovered that GCR now holds the original image.
This development underscores the substantial influence GCR wields within crypto circles and highlights the profound connection between memes and their monetary value in the digital asset space.
GCR’s storied trading background
GCR’s prominence in the cryptocurrency realm is not a recent phenomenon. Renowned as one of the top traders by realized profit on the now-defunct crypto exchange FTX during 2021-2022, GCR amassed a significant following on various platforms for their astute market analyses and remarkable ability to forecast market trends well in advance.
Notably, GCR gained widespread recognition for accurately timing the market peak in 2022, strategically shorting 30 popular tokens deemed overvalued at the time. Despite maintaining anonymity and ceasing activity on platform X since April 2023, GCR’s insights and contributions continue to reverberate across the crypto community.
The acquisition of the original Dogwifhat meme by GCR for $4 million in ETH marks a significant milestone in the evolving landscape of digital assets, underscoring the intersection of meme culture and cryptocurrency valuation.
With WIF prices experiencing a notable surge following the revelation of GCR’s acquisition, the event further solidifies GCR’s standing as a formidable force in the crypto space. As the cryptocurrency ecosystem continues to evolve, the influence of key figures like GCR on market dynamics and meme-driven assets is likely to persist, shaping the trajectory of the industry in unforeseen ways.
