The original Doge meme NFT has soared to a valuation of around $220 million following its successful fractionalized token sale this week.

Ludicrously high prices for in demand NFTs are the flavor of the week, with Sotheby’s new Bored Ape Yacht Club NFT auction predicted to fetch up to $18 million.

Earlier this week Doge meme owners PleasrDAO fractionalized the NFT into 17 billion ERC-20 tokens named $DOG, and auctioned off 20% of them on SushiSwap-owned Miso on Sept. 1.

The $DOG tokens snapped up in the auction can now be traded via decentralized exchanges such as SushiSwap and Uniswap. The auction generated 11,942 Wrapped Ethereum (WETH) worth around $44.6 million from a total of 1,769 buyers.

Given the total supply of $DOG tokens —  which are priced at 0.0000035186 WETH ($0.013 USD) at the time of publication — the nominal value of the Doge NFT is now around $220 million.

But some say that's an underestimate. According fractionalized token platform Fractional, the implied value of the $DOG NFTs is a whopping $398 million. The firm hasn’t specified how that figure was calculated.

Whether $220 million or $398 million, it’s a stunning return for a picture of a dog bought for just 1696.9 Ether, worth $4 million, back in June.

PleasrDAO has said 55% of the remaining tokens will be maintained by the DAO and the other 25% will go into a fund that will support projects in the $DOG community.

Apes are not a bore for Sotheby’s

Meanwhile Sotheby’s is currently hosting an auction of 107 Bored Ape Yacht Club NFTs that is expected to fetch between $12 million to $18 million.

The 107 NFTs have been bundled into one collection and put up for sale by the project’s creators Yuga Labs, who are also auctioning off a bundle of 101 Bored Ape Kennel Club NFTs that is expected to pull in between $1.5 million to $2 million.

Bidding for the Bored Ape Yacht Club collection had reached $4.5 million at the time of publication, and the auction is set to close on Sept. 10. Bidding for the Kennel Club NFTs hit $480,000.

The Bored Ape Yacht Club NFTs have become widely popular of late, and Cointelegraph reported on Sept. 2 that NBA star Stephen Curry joined in on the action by snapping up one of the NFTs for 55 ETH, worth roughly $207,000 at the time of writing.

According to data from CryptoSlam, the Bored Ape NFTs generated a record $295 million worth of sales on secondary markets in August. Despite it only being the beginning of September, the NFTs have already reached $10 million worth of secondary sales so far. 

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP constricts before breaking out to $1

XRP showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.

More Ripple News

Ethereum in a pennant, with bullish breakout as tailwinds reemerge

Ethereum (ETH) price has formed a pennant that quit rapidly after the big sell-off during the weekend. Between $4,646 and $4,060, the price ranges from lower highs and higher lows. 

More Ethereum News

Bitcoin needs support to hold, so that bulls can reclaim $50,000

BTC saw bulls attempting to pair back a significant piece of the occurred losses from last Saturday. But bulls have hit a curb after reclaiming $50,000, as price action fades below and tests the first real support for further downside. 

More Bitcoin News

Cardano price in phenomenal buying zone as ADA targets $3

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest ADA is primed to advance further.

More Cardano News

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis

BTC

ETH

XRP