Physical knitted beanie tied to the Dogwifhat meme sold for 6.8 BTC, or about $794,074, on Bitcoin Ordinals marketplace Ord City.
The winning bid came from “Finn,” the pseudonymous founder of Solana memecoin launchpad Bags, who placed the bid on behalf of the platform during a 48-hour auction.
Ord City paused the sale after fake bids flooded the event, then raised collateral requirements to restore order.
The hat’s owners and the marketplace supplied proof of the item’s origin and condition.
Auction and winner
Finn celebrated the purchase on X after the sale closed. “I’m excited to announce that Bags has made its first acquisition,” he wrote, then added the hat to the Bags avatar.
He also said, “We’ve acquired a $1B hat for just $0.7M. Get ready for what’s coming next.” The bid beat strong competition from at least two other bidders during the auction window.
Bags now display the hat on their profile and have suggested that the item will be used to engage the community.
Bidding chaos
The event was not smooth and at one point, the auction was halted when a wave of fake bids hit the platform. One fake entry claimed an impossible amount of bitcoin equal to the full 21 million BTC supply.
Ord City said the problem showed the community’s appetite and unpredictability. “We massively underestimated your degeneracy,” the marketplace posted, and it tightened rules by increasing the collateral needed to bid.
How Bags paid and future plans?
Finn said he used revenue from a Bags-linked token called “BUY THE HAT” to fund part of the purchase. He told followers he would ensure the hat benefits the community.
The token jumped more than 700% in the last 24 hours and reached a market cap of $7.8 million, according to DEX Screener. Finn said the hat will return to the community in some form, hinting at a tie between the token and the physical item.
Provenance and cultural value
Ord City published high-resolution photos and a video that trace the hat back to Achi, the Shiba Inu in the famous image. The pink knit originally began as a Christmas craft and was first placed on Achi in November 2018.
The photo went viral after it was shared on Instagram and later spread across Reddit and Twitter. The owners thanked Finn after the sale and wrote on X that the hat “has been a lucky charm for us and a piece of internet culture that has travelled across chains, timelines, and communities.”
How this sale compares to past sales?
The hat’s price is large but still lower than the sale of the meme’s original photo as an NFT. In March 2024 the image fetched 1,210.8 ETH at a Foundation auction.
That sale brought roughly $4.3 million at the time and sits near $4.7 million at current prices. The beanie’s sale shows how physical artefacts tied to web culture can still command big sums when they are paired with onchain provenance.
Market reaction and token context
The Dogwifhat token is trading at $0.9622, up 3.04% in the past 24 hours. The token lost more than 70% from its peak after the NFT sale but still holds a near $1 billion market cap.
The sudden interest in the hat pushed short-term trading in related tokens, and Bags’ move to link a memecoin with a physical relic has already had a direct impact on prices and on social chatter.
What could this mean for the space?
The sale highlights a trend in a way that collectors seek real items tied to internet moments.
At the same time, projects use tokens and social platforms to turn cultural objects into tradable assets. But these events can be messy, as fake bids, paused auctions, and volatile token pump activity show the risks involved when money and meme culture collide.