Author: June, Deep Tide TechFlow

On August 5, 2025, a pink knitted hat will be auctioned.

This is not a designer piece, nor a historical artifact—it is the hat of Dogwifhat (WIF), the Shiba Inu that once swept through the crypto world. In November 2024, this hat symbolized a meme coin with a market cap exceeding $4 billion, and the community even raised nearly $700,000 to project the image of the Shiba Inu wearing it onto The Sphere, a giant dome screen in Las Vegas.

Earlier, on March 18, 2024, this "hat-wearing Shiba Inu" was minted as an NFT and auctioned on the Foundation platform. Ultimately, it was purchased for a high price of 1210.759 ETH (approximately $4.3 million) by one of the most famous traders in the cryptocurrency space, GCR, making it the second-highest auctioned piece on Foundation at that time.

At that moment, no one would have thought that this hat would walk into another auction less than a year later, and this time, few would pay attention. Against the backdrop of the NFT narrative collapsing and the market being silent, the once-popular meme faced a silent disregard. Meanwhile, WIF, as a representative old meme, was in an even worse situation. After the auction news was announced on August 1, it failed to even create a ripple on Twitter.

From being the center of attention to being ignored, WIF's story reveals a harsh truth: in the world of Web3, being forgotten is the true death.

The hat is about to be auctioned, perhaps this is the last mark WIF will leave in crypto history. But its story is worth reflecting on for every project fighting in this battlefield of attention.

The Rise of WIF

At the end of 2023, a simple photo began circulating on crypto Twitter: a Shiba Inu wearing a pink knitted hat. No one could have predicted that this seemingly random combination would create a market value of billions of dollars in the following months.

WIF's explosion was inseparable from a key figure—Ansem. As one of the most influential KOLs in the crypto space, miracles happened when he began frequently mentioning this "hat dog" on Twitter. Every tweet he posted acted like a stimulant injected into the market, pushing WIF from an obscure meme coin to the center stage of the crypto world.

The speed of WIF's rise was astonishing—within just 81 days, its market cap surpassed $1 billion. The enthusiasm of the community exceeded everyone's imagination. They were not satisfied with merely spreading the image of the hat dog online; they wanted to do something unprecedented—project WIF onto The Sphere in Las Vegas. This is the world's largest spherical LED screen, with millions passing by every day. If the hat dog could appear on it, it would be the most iconic moment in meme coin history.

In March 2024, a crowdfunding goal of $650,000 was achieved in just a few days, ultimately exceeding $700,000. Community members generously contributed, believing this was not just a marketing campaign but a crucial step for WIF to enter the mainstream. Twitter was filled with excited discussions, and everyone was counting down to the moment the hat dog would light up the Las Vegas night sky.

On March 31, 2024, after the crowdfunding for The Sphere project ended, market sentiment peaked, and WIF reached an all-time high of $4.83. During that crazy period, WIF seemed unstoppable. Almost every crypto community was discussing the Shiba Inu wearing the pink hat. Ansem's influence, the community's enthusiasm, and the market's FOMO sentiment perfectly combined to propel WIF to its peak.

That was the golden age of WIF, where every holder believed they were witnessing the birth of a new Doge. The hat was not just a hat; it became a cultural symbol, an identity, a belief in the infinite possibilities of the crypto world.

WIF's Las Vegas Nightmare

The turn of fate came so quickly. In January 2025, the Trump meme emerged, sucking liquidity out of the crypto market like a black hole. Then in February, the tariff policies announced by President Trump triggered macroeconomic uncertainty, leading to a significant correction in the crypto market. Among them, meme coins suffered particularly severe declines. To this day, although mainstream coins like BTC, ETH, and SOL have returned to high levels, most meme coins are still struggling in the depths of correction.

The most fatal blow came in April 2025. It all started with false hopes at the beginning of the year—on January 29, the official X account of Dogwifhat released a long-awaited teaser for the Las Vegas Sphere project, instantly igniting community enthusiasm, and WIF surged 34% within a week. However, the good times did not last long; the official department of Las Vegas Sphere quickly issued a statement clearly stating that "there has never been any commercial cooperation discussions with any cryptocurrency project." This cold water completely doused the excitement, and after the denial statement was released, WIF plummeted nearly 10% within an hour.

Worse still, serious divisions began to emerge within the community. Some members questioned the project's transparency and strongly demanded the public disclosure of fundraising expenditure details. The crisis of trust spread like a virus.

After nearly a year of waiting, on April 1, 2025, one of the initiators of The Sphere project, Edward, finally announced the official abandonment of the project and began issuing refunds. Nearly $700,000 in fundraising and countless days and nights of anticipation ultimately turned to ashes. At this point, WIF's price had fallen to a low of $0.42, and after the news of the project's abandonment broke, WIF plummeted again, hitting a new low of $0.30 for the year. This last straw completely crushed the community's confidence. Even the planning team behind WIF seemed to choose to give up.

To make matters worse, Ansem's voice began to fade. This KOL, who once mentioned WIF daily, gradually shifted his attention to other projects. After months of stagnation, WIF seemed to disappear from Twitter. The once ubiquitous hat dog memes vanished, the fervent community discussions fell silent, and even the most loyal supporters began to shift their allegiance.

Meanwhile, other meme coins were thriving in their respective lanes:

• Doge remained the unshakable king. Every new meme aspired to become and surpass Doge. Elon Musk never stopped interacting with Doge, having long become its best spokesperson.
• Pepe occupied another high ground with its classic frog image. Pepe became part of internet language with its vast meme ecosystem.
• Pengu, backed by the strong NFT community of Pudgy Penguins, also gained favor from Wall Street institutions like VanEck. Pengu is committed to expanding the web2 ecosystem and recently announced a partnership with China's Suplay, a trendy IP consumer goods company. At the same time, they are also active on multiple platforms like Telegram, Instagram, and WhatsApp.

These successful meme coins share a common characteristic: multidimensional vitality. They either have the support of representative KOLs, strong community creative capabilities, or institutional recognition. Most importantly, they have established a diversified communication network that will not collapse due to the disappearance of a single support.

In contrast, WIF's problems are glaringly obvious. It overly relied on Ansem's personal influence, failed to establish its own content ecosystem, lacked innovative mechanisms, and did not gain institutional favor. When the initial hype faded, it had no support system to rely on.

In this era of extreme scarcity of attention, once you start to be forgotten, it becomes nearly impossible to return to the spotlight. WIF is experiencing this cruel process—from being the center of attention to being ignored, it only took a few months.

The Harsh Truth of the Crypto World

"Pump and dump is justice." Although this phrase sounds crude, it accurately summarizes the essence of this market. In the traditional financial world, we still talk about fundamentals, value investing, and long-termism. But in the world of meme coins, all these concepts are simplified into one number: price.

When the price rises, everything is right. The community is active, KOLs compete to recommend, and new holders continuously pour in, starting a positive cycle. When the price falls, all problems are exposed. The community begins to infight, KOLs quietly leave, panic spreads, and a death spiral ensues.

For WIF, it faces two fatal problems:

First, it is no longer remembered. The flow of time in the crypto world is tenfold or hundredfold compared to the real world. A hot topic from three months ago is already ancient history here. When Ansem no longer mentions WIF, when the community stops creating new content, and when trading volume begins to shrink, WIF transforms from a "present continuous" to a "past perfect." And in this market, which is always chasing the next opportunity for wealth, no one is interested in history.

Second, it has lost the allure of wealth creation. The failure of The Sphere's fundraising was not just a marketing setback; it exposed a harsh reality: when prices fall, even the most loyal community members become cautious. Without new capital inflow, there is no momentum for price increases; without price increases, there is no way to attract new capital. This is an unsolvable dilemma.

The deeper truth is that in this attention economy-dominated era, the life and death of meme coins often hinge on a single thought. A tweet can create a hundredfold coin, while a single failure can destroy all efforts. There is no gradual decline here, only a cliff-like collapse.

WIF's story is a microcosm of countless meme coins. They streak across the crypto world's sky like meteors, briefly illuminating a corner before quickly disappearing into darkness. A few lucky ones can become stars, but most can only accept the fate of being forgotten.

This is the survival rule of the crypto world: stay relevant, or die. There is no middle option.

Being Forgotten is True Death

On August 5, that pink knitted hat will seek its new owner.

At the moment the auction hammer falls, it may mark the last footnote of WIF in crypto history. In a sense, the fate of this hat is quite ironic—it once represented a market value of billions of dollars, symbolizing the dreams of a community, and now it seeks meaning through an auction.

But this ending precisely confirms the point we made at the beginning: in the world of Web3, being forgotten is true death. The hat can be auctioned, collected, and placed in a museum display case. But WIF, as a meme, a cultural symbol, and a cryptocurrency, has gradually lost its heat. Not because the code had issues, not because it was hacked, but because people no longer remember it.

This is an era where attention is scarcer than gold. Every day, new projects are born, new stories are told, and new wealth myths circulate. In this never-ending cycle, only those projects that can continuously occupy people's minds can survive. Others, no matter how glorious they once were, will be washed away by the tide of time.

Interestingly, NFTs, as products of the previous era, have shown stronger vitality in this cycle dominated by meme coins. Even in the NFT winter, BAYC can still generate buzz with occasional IP licensing news, CryptoPunks occasionally make headlines with sky-high transactions, and Pudgy Penguins return to the public eye with the release of physical toys. The teams behind these projects are still working, and the communities remain strong; they have successfully carved out a bloody path, continuously generating real commercial value and profit.

In contrast, most meme coins are products of wild growth. They often lack a clear team structure, long-term business planning, and find it even harder to establish deep collaborations with mainstream brands. The small team backgrounds make it more difficult for meme coin projects to gain recognition in the traditional business world and to resonate widely outside their communities. When the hype fades, these projects often lack sufficient resources and capabilities to maintain long-term brand value.

WIF's story streaked across the crypto world's sky like a meteor, briefly illuminating a corner before quickly disappearing into darkness. The only certainty is that in this consensus-driven world, memory is the most valuable asset. When no one remembers your name anymore, you are truly dead.

This is the life and death of a meme coin in the crypto world.

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