NFT Of Original Meme Behind Dogecoin Skyrockets In Value After Fractionalization

A non fungible token of the original 2013 Dogecoin DOGE/USD meme featuring Kabosu, the Shiba Inu, surged in value after fractionalization.

What Happened: The original Doge NFT was fractionalized by the owner PleasrDAO, which describes itself as an “experimental art collective,” into 16.9 billion fungible $DOG ERC-20 tokens last week.

The initial auction of 20% of the total $DOG supply took place on Sept. 1 on the MISO platform and raised a total of 11,942 Wrapped Ethereum ETH/USD from 1,796 buyers.

See also: How To Buy Dogecoin (DOGE)

The tokens were later available to exchange on fractional.art and sold at $0.019, valuing the entire NFT at $336 million, according to a report by Decrypt. The NFT’s market capitalization had reportedly touched a peak of $550 million on Sept. 3.

The NFT has an implied valuation of $270.83 million at press time, as per fractional.art.

PleasrDAO purchased the original photo as an NFT for a record-breaking price of 1696 Ethereum or $5.5 million. The original Doge NFT was minted by Atsuko Sato, the owner of Kabosu, in June.

Why It Matters: The new trend of fractionalization allows ordinary investors to own a partial share in rare and expensive NFTs that they would otherwise find difficult to purchase.

Fractionalization is also seen as more appealing than a regular NFT for the owners as it provides instant and increased liquidity.

Last month, another NFT featuring Kabosu -  titled the “Feisty Doge NFT,” briefly became the world’s most valuable NFT at $110 million, thanks to fractionalization.

PleasrDAO member GmoneyNFT took note of the opportunity presented by fractionalization NFTs during his appearance on the Benzinga "Moon or Bust" show.

Price Action: Dogecoin is down almost 15.8% during the last 24 hours, trading at $0.2578 at press time.

Read Next: Dogecoin Hitting $1 A Matter Of 'When,' Not 'If:' Why These Technical Analysts Are Bullish

Photo: Courtesy of DogeLoverForever via Wikimedia

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsdogecoinMeme CoinsmemesNFTNFTsNon fungible token
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!