There is no gradual decline here, only a cliff-like collapse.

Written by: June, Deep Tide TechFlow

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

This is not a designer item, nor a historical artifact—it is the symbol of Dogwifhat (WIF), the hat that once adorned the Shiba Inu that took the crypto world by storm. In November 2024, this hat was a symbol of a meme coin with a market value exceeding $4 billion, and the community even raised nearly $700,000 to project the image of the Shiba Inu wearing it onto the massive dome of The Sphere 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 at a high price of 1210.759 ETH (approximately $4.3 million) by one of the most famous traders in the cryptocurrency field, GCR, becoming the second-highest auctioned item on Foundation at that time.

At that moment, no one would have thought that this hat would enter 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 falling silent, the once top meme coin faced a silent disregard. Meanwhile, WIF, as a representative old meme, fared even worse. The auction news announced on August 1 failed to even create a ripple on Twitter.

From being the center of attention to being ignored, the story of WIF reveals a cruel 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.

The explosion of WIF was inseparable from a key figure—Ansem. As one of the most influential KOLs in the crypto space, when he began frequently mentioning this "hat dog" on Twitter, miracles happened. Every tweet he posted acted like a stimulant injected into the market, propelling 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 value 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 largest spherical LED screen in the world, 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 push 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 the long-awaited project preview for Las Vegas Sphere, instantly igniting community enthusiasm, and WIF surged 34% in a week. However, the good times were short-lived, as the official department of Las Vegas Sphere quickly released a statement clarifying that "there has never been any commercial cooperation discussions with any cryptocurrency project." This cold water doused the excitement completely; 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, countless days and nights of anticipation, ultimately turned to ashes. At this point, WIF's price had dropped 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 have disappeared 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; he had long become its best spokesperson.

Pepe occupied another high ground with its classic frog image. Pepe became part of internet language thanks to 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 Chinese company Suplay, a trendy IP consumer goods company. At the same time, they are also active on multiple platforms such as Telegram, Instagram, and WhatsApp.

These successful meme coins share a common characteristic: multidimensional vitality. They either have representative KOL support, 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 undergoing this cruel process—from being the center of attention to being ignored, it has only taken 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 are recommending it, and new holders keep pouring in, creating a positive cycle. When the price falls, all problems are exposed. The community begins to infight, KOLs quietly exit, panic spreads, and a death spiral ensues.

For WIF, it is facing two fatal problems:

First, no longer being remembered. The flow of time in the crypto world is tenfold, a hundredfold that of the real world. A hot topic from three months ago is already ancient history here. When Ansem stops mentioning WIF, when the community no longer creates new content, and when trading volume begins to shrink, WIF transforms from a "present continuous" to a "past perfect." In this market that is forever chasing the next opportunity for wealth, no one cares about history.

Second, the loss of the wealth-generating allure. 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, new capital cannot be attracted. This is an unsolvable dilemma.

The deeper truth is that in this era dominated by attention economics, 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.

The story of WIF is a microcosm of countless meme coins. They streak across the sky of the crypto world like meteors, briefly illuminating a corner before quickly disappearing into darkness. A few lucky ones can become stars, but most must 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 the true death

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

When the auction hammer falls, it may mark the last footnote WIF leaves 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 must be auctioned to find its meaning of existence.

But this ending precisely confirms our initial point: In the world of Web3, being forgotten is the true death. The hat can be auctioned, collected, and placed in a museum display case. But WIF, as a meme, a cultural symbol, 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 myths of wealth 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 torrent 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 create buzz with occasional IP licensing news, CryptoPunks occasionally make headlines with sky-high transactions, and Pudgy Penguins can regain public attention with the release of physical toys. The teams behind these projects are still working, and the community remains 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, do not have long-term business plans, and find it harder to establish deep collaborations with mainstream brands. The background of small teams makes it more difficult for meme coin projects to gain recognition in the traditional business world and to resonate widely outside the community. When the hype fades, these projects often lack sufficient resources and capabilities to maintain long-term brand value.

The story of WIF streaked across the sky of the crypto world 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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