Renowned Crypto Trader GCR Acquires DogWifHat NFT for $4 Million

The original picture that inspired the WIF memecoin was auctioned off as a non-fungible token (NFT) and sold for millions.

The NFT was sold for just under 1,211 ETH ($4 million) after a bidding war on the NFT marketplace Foundation.

The winning bidder was crypto trader GiganticRebirth (GCR), who rose to prominence during the last bull market as one of the most profitable traders on the now-defunct FTX crypto exchange. They also famously predicted the collapse of Terra and its UST stablecoin, winning a $10 million wager with Do Kwon, the protocol’s bombastic founder.

GCR has not posted publicly since April 2023 and did not respond to The Defiant’s request for comment. Another trader, Cryptopathic, who coordinated the auction, confirmed the buyer's identity.

The NFT was initially listed for 0.15 ETH ($500) by the family of Achi, the dog that started it all. A bidding war ensued between GCR and Memeland, with the former eventually winning with a $4 million bid.

WIF briefly spiked above $3 on the news but has since dropped 30% amid a broader correction across crypto markets.