- The Doge meme, which is the face of the world’s eighth largest cryptocurrency, has exploded in value after being fractionalised — or split into 17 billion parts.
- The non-fungible token (NFT) was sold for $4 million in June and now it’s estimated value has ballooned to $220 million.
- 20% of the Doge meme NFT’s 17 billion pieces were auctioned off last night, on September 2, for anyone to buy.
The most expensive meme non-fungible token (NFT), a picture of the Dogecoin’s Shiba Inu called Kabuso, sold for $4 million in June. After being
fractionalised into 17 billion pieces — split up to allow for community ownership — the
NFT is now valued at $220 million.
That’s 55 times more than how much PleasrDAO, a decentralised autonomous organisation, bought it for just over two months ago.
To be fair, the hype around NFTs has been growing rapidly during the same time. The upcoming Bored Ape Yacht Club NFT auction by
Sotheby’s is expected to fetch up at least $12 million. The current highest bid, as of 4:30 pm Indian Standard Time (IST), is at $4.5 million.
According to the aggregation site NonFungible, the total number of NFT sales has exceeded 6 lakh in the last 30 days coming in at a massive $2.3 billion in value.
Doge meme NFT goes from $4 million from $220 million
According to PleasrDAO, selling of the Doge meme NFT is akin to the Louvre auctioning off stake for the common man to own a piece of the Mona Lisa. The Doge meme — also called the ‘holy grail of internet culture’ — is currently the face of Dogecoin, the eighth largest cryptocurrency in the market with a market cap of $39.35 billion.
While the NFT was split into 17 billion parts, only 20% — which comes up to around 3.4 billion — were put up for auction on September 2.
Each portion, an ERC-20 token named $DOG, is priced at 0.0000035186 Wrapped Ethereum (WETH), which is around $0.013.
The auction generated 11,942 WETH, which comes up to $44.6 million and puts the overall nominal value of the Doge meme NFT at $220 million.
According to some — like the fractionalised token platform called Fractional — that’s still at the low end of the scale. The actual value could be even higher at around $398 million.
‘X AE A-12 don’t hurt me’ — Vitalik Buterin tells Elon Musk what love is
The most expensive meme NFT ever sold will be auctioned off in 17 billion pieces tonight