Influential Trader GCR Buys Original Dogwifhat Meme for $4M; WIF Rises

The original picture that inspired Solana’s runaway hit meme coin Dogwifhat (WIF) has apparently been purchased for $4 million worth of ether (ETH) by influential trader GiganticRebirth, known as GCR in crypto circles.

A picture of Achi, the dog wearing a pink beanie hat, was listed on crypto auction platform Foundation for an initial price of 0.15 ETH. “The photo of Achi wearing a small hat instantly took the internet by storm, and now it has captured the hearts of people around the globe as a meme called $wif,” the description read.

The auction quickly became a bidding battle between GCR, under the “PleasrDAO” alias, and Memeland, a crypto project. GCR won with an offer of 1,210 ETH after nearly an hour of bidding.

Crypto investor @cryptopathic said on X that his team initially set up the auction and confirmed in a follow-up tweet that GCR submitted the winning bid.

GCR was among the top traders by realized profit on the now-defunct crypto exchange FTX in 2021-22, capturing a huge audience on X for informed takes on the market and an ability to predict market movements months in advance.

They gained more fame by being among the few traders who accurately timed the market top in 2022, shorting 30 popular tokens that they considered overvalued.

While GCR’s identity has not been revealed, and they stopped using X in April 2023, their posts continue to be cited throughout the platform.

The WIF price has surged 10% in the past hour, buoyed by GCR’s connection to the meme.