0
0
The Shiba Inu Meme Coin Ecosystem and Recent Tensions
Recognized for its endearing memes, unique language, and grand tributes to cherished pets, the multi-billion dollar world of Shiba Inu-themed meme coins is typically a realm of affectionate coexistence. However, recent discord between participants in the Solana ecosystem, which hosts the burgeoning Dogwifhat (WIF) meme coin, and the owners of the real-life South Korean dog that inspired the token, has disrupted the harmony.
Origins of the Dispute
A South Korean individual revealed on Instagram that their Shiba Inu, Achi, the star of the “Dogwifhat” meme, belonged to them. To honor their beloved pet, they disclosed plans to auction an NFT of the original iconic image of Achi sporting a knitted beanie, which they personally crafted for the dog. Displayed on their Instagram since December 2018, almost a year before it garnered online fame, the “Dogwifhat” picture was verified as authentic by partners involved in the Achi NFT auction.
However, discontent arose within the WIF community and other Solana users upon learning that Achi’s owners had teamed up with Feisty DAO, an online collective with expertise in procuring and fracturing Shiba Inu-related NFTs on the Ethereum blockchain, for the creation of the new Achi NFT. This NFT, presently up for auction on the Foundation platform, is minted on Ethereum and has attracted a bid of 50 ETH, equivalent to over $182,000.
Community Reaction and Controversy
Several WIF community members expressed dissatisfaction with the choice to partner with Feisty DAO for the Achi NFT, urging Achi’s parents to collaborate with the WIF team on Solana instead. In response to the backlash, Achi’s owners implored supporters to desist from derogatory remarks and extended a request for encouragement.
Notably, Achi’s guardians had previously attempted to engage with Solana users, with undesirable outcomes. Following the success of WIF, a meme coin called ACHI emerged with the endorsement of Achi’s owners, only for the project’s creators to abruptly exit, leaving investors in the lurch. Subsequently, Achi’s parents opted to align with Feisty DAO, a trusted entity with a track record of NFT sales, for the management of the Achi NFT auction.
Despite the dissatisfaction expressed by some WIF community members regarding the NFT launch’s coordination, efforts to establish communication with Achi’s family, whose dog catalyzed WIF’s staggering valuation, have reportedly been minimal.
Community Engagement and Market Impact
As of a few weeks ago, Achi’s parents were allegedly unreached by individuals in the WIF community and were actively seeking to establish contact. Mihir, a WIF community contributor involved in fundraising activities, iterated that Achi’s owners deserve recognition for their part in WIF’s success.
WIF’s market capitalization currently exceeds $3 billion, contrasting with the $182,000 bid for Achi’s parents’ NFT, based on the foundational image that underpins WIF’s existence. Path, overseeing the NFT auction, indicated a willingness to reissue the NFT on Solana if the Solana community expressed interest. Despite outreach efforts to WIF affiliate Ansem, interest in purchasing the Achi NFT from the Solana community has been scarce.
Image/Photo credit: source url
