‘Pieces’ of the sought-after Dogecoin meme reaches $400 million valuation 

It appears that if there is one meme that can reach or surpass Dogecoin’s popularity, it would be the Dogecoin’s image itself.

After the big announcement of the fractionalized sale of the Dogecoin’s original image, another news has propelled it on the headlines: The fractionalized ownership of the image has reached $400 million.

The company that purchased Dogecoin’s image has decided to sell it in fractionalized form, instead of selling the whole image. It was split into billions of tokens and was put up for auction.

Each piece costs US$0.013 and the total valuation of the whole image has currently reached $412 million.

PleaserDao

A team of decentralized finance leaders called “PleaserDao” purchased the original NFT of Dogecoin last June for 1,696.9 ETH, which is equivalent to US$4 million at the time of the purchase.

The ownership over the NFT image is now divided into exactly 16 969,696,969 $DOG tokens. Many have even pointed out that the exact number of tokens seems to have been set in a humorous way.

In a data released by Miso, the marketplace where the auction of fractionalized Dogecoin took place, 1,796 buyers paid 11,942 Wrapped Ethereum (which is equivalent to US$45). That sale only equates to 20% of the total supply of the fractionalized NFT. The remaining 80% will then be sold on Uniswap and Sushiswap.

Strange investment

The sale of the fractionalized Dogecoin has created a lot of hype, but some analysts think that investing in these pieces of NFT is strange. Spending money on a bit of an NFT based on a dog seems to be strange for a lot of people, especially financial experts. They even call this recent craze as the “new normal” of investments.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/pieces-of-the-sought-after-dogecoin-meme-reaches-400-million-valuation/