Doge meme NFT's value flies from $4 million to $220 million overnight after getting split into 17 billion pieces
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
That’s 55 times more than how much PleasrDAO, a decentralised autonomous organisation, bought it for just over two months ago.
AdvertisementTo 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
Popular on BI
- Realme GT Neo 2 5G review: Great performance, fine display but camera needs work
- Cisco says a company 'leader' who encouraged TikTok followers to report strippers to the IRS is no longer employed at the company
- A half-mile installation just took 20,000 pounds of plastic out of the Pacific - proof that ocean garbage can be cleaned
- G7 leaders favour CBDCs provided they ‘support and do no harm’ to central banks
- India's farmers protest takes a gruesome turn with a chilling murder at the scene — here’s the sequence of events
- Bizarre! Shubhman Gill was brought back to bat after being declared out
- Ruturaj Gaikwad and Faf du Plessis — amazing data on how the two openers led CSK to IPL 2021 championship
- Budget and safety top criteria for Chennai households during festive season:LocalCircles
- India T20 World cup Jersey
- Photo Editors Apps
- Advantage Club Hiring
- Best Indian Companies
- Dussehra Messages
- Punit Goenka
- Motorola Edge 20 Mobile
- Google TV stick vs Amazon Fire TV stick
- Oneplus 9rt smartphone
- Samsung Galaxy M52 review
- Nykaa IPO
- India Coal Crisis
- iPhone 13 vs iPhone 13 mini
- IRCTC Share price
- Maximum Sixes
- Tata Sons