Cryptocurrency news

Doge Meme Valuation Gets to $220M and the Bored Apes Auction at Sotheby’s is expected to Fetch $18M



The total implied value of Doge’s original Doge meme NFT has skyrocketed after a successful fractionalization into $DOG Tokens.

Doge’s original NFT has experienced an upward momentum in its valuation and it currently stands at $220 million after a successful week of $DOG fractionalized token sale.

NFTs Soaring

This week has seen exponentially high prices getting mentioned for NFTs. Sotheby’s new Bored Ape Yacht Club NFT auction talked of the possibility of fetching around $18 million.

PleasrDAO, the Doge meme owners, earlier this week fractionalized this NFT into 17 billion ERC-20 tokens with the $DOG ticker. By September 1, they had auctioned off 20% of them on Miso, an entity owned by SushiSwap. 

Users can now trade the $DOG tokens obtained through this auction on different decentralized exchanges like Uniswap and SushiSwap. Through this auction, 11,942 Wrapped Ethereum (WETH) was raised, worth approximately $44.6 million from 1,769 buyers.

Massive Returns Since June

Looking at the total supply of $DOG tokens (16,969,696,969), if one was to place a nominal value of the Doge NFT based on this supply, it would be around $220 million. The $DOG tokens are currently priced at 0.0000035186 WETH ($0.013 USD).

Critics of this figure term it as an understatement. Going by the numbers given by Fractional, a fractionalized token platform, the $DOG NFT has an implied value of $398 million. However, Fraction has not specified how they came up with this figure.

It does not matter whether the estimated value is $220 million or $398 million, the return is what baffles most crypto enthusiasts since back in June, this simple picture of a dog was bought for only 1,696.9 Ether, worth $4 million.

As per the statements from PleasrDAO, 55% of the remaining tokens will be maintained by the Dao while 25% will be channeled towards supporting projects in the $DOG community. 

 

Sotheby’s not Shying away from the Bored Ape

On the other hand, Sotheby’s is hosting an auction of 107 Bored Ape Yacht Club NFTs estimated to raise between $12 million to $18 million. These 107 NFTs have been combined into a single collection and placed on auction by the project’s creators, Yuga Labs. Yuga Labs are also auctioning another combined collection of 101 Bored Ape Kennel Club NFTs estimated to fetch between $1.5 million to $2 million.

The Bored Ape Yatch Club NFTs have gained much popularity of late with NBA star Stephen Curry securing one worth 55 ETH

Image courtesy of pixabay



Related Articles

Latest posts

Advertisement






Menu

NEWSLETTER

Subscribe for our weekly news and reviews and giveaways. You can unsubscribe anytime
Name
Email address