The tokenized ownership of a non-fungible token of the original Doge meme is now valued at over US$400 million after its owner split the NFT into billions of tokens and put them up for auction on Wednesday.
Despite selling for 0.0000035186 wETH (US$0.013), the total valuation for the tokens was US$412 million at press time, according to data from Fractional.
A collective of decentralized finance leaders named PleasrDao paid 1,696.9 ETH — US$4 million at the time — for the NFT of Doge in June.
That ownership is now split over 16,969,696,969 $DOG tokens. In this meme-heavy space, even the price and number of tokens created seem like a joke.
According to figures on Miso, the marketplace where the auction took place, 1,796 buyers paid 11,942 Wrapped Ethereum — almost US$45 million — for 20% of the total supply. The remainder will now be available through decentralized exchanges SushiSwap and Uniswap.
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