In the world of Crypto Assets, the once star project Dogwifhat (WIF) is now facing a regrettable turn of events. This once memes project, which had a market capitalization of over 4 billion dollars, will have its iconic pink long wick candle auctioned on August 5, 2025, yet this news has failed to elicit any response from the crypto community.

This hat was once the core symbol of the WIF project. At its peak, community members even raised nearly $700,000 in an attempt to project its image onto The Sphere giant dome in Las Vegas. In March 2024, this iconic image was sold in NFT form on the Foundation platform for an astonishing 1210.759 ETH (about $4.3 million), becoming the second highest transaction on the platform at that time.

However, just a little over a year later, the situation took a dramatic turn. In the overall sluggish environment of the NFT market, the once popular meme coin WIF faced unprecedented neglect. The auction news announced on August 1 received almost no reaction on social media, and this contrast is令人唏嘘.

The fate of WIF reflects the harsh reality of the Web3 world: in this rapidly changing field, once-celebrated projects can be forgotten in the blink of an eye. This is not just a matter of market cycles; it more deeply reflects the uncertainty in the valuation of crypto assets and the dramatic fluctuations in investor sentiment.

Nevertheless, the story of WIF also provides us with valuable lessons. It reminds us that in the Web3 space, continuous innovation and community value are key to the long-term survival of a project. For investors, this case once again emphasizes the importance of diversified investment and careful assessment of a project's long-term value.

As the Crypto Assets market continues to mature, we may see more cases similar to WIF. These experiences will help the entire industry better understand the essence of value creation and promote the Web3 ecosystem to develop in a healthier and more sustainable direction.