{"id":137671,"date":"2021-09-03T05:04:28","date_gmt":"2021-09-03T05:04:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=137671"},"modified":"2021-09-03T05:04:28","modified_gmt":"2021-09-03T05:04:28","slug":"doge-meme-hits-220m-valuation-as-sothebys-bored-apes-auction-is-tipped-to-fetch-18m","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/doge-meme-hits-220m-valuation-as-sothebys-bored-apes-auction-is-tipped-to-fetch-18m\/","title":{"rendered":"Doge meme hits $220M valuation, as Sotheby&#x27;s Bored Apes auction is tipped to fetch $18M"},"content":{"rendered":"<p>The original Doge meme NFT has soared to a valuation of around $220 million following its successful fractionalized token sale this week. <\/p>\n<p>Ludicrously high prices for in demand NFTs are the flavor of the week, with Sotheby\u2019s new Bored Ape Yacht Club NFT auction predicted to fetch up to $18 million. <\/p>\n<p>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. <\/p>\n<p>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. <\/p>\n<p>Given the total supply of $DOG tokens \u2014\u00a0 which are priced at 0.0000035186 WETH ($0.013 USD) at the time of publication \u2014 the nominal value of the Doge NFT is now around $220 million. <\/p>\n<p>But some say that&#8217;s an underestimate. According fractionalized token platform Fractional, the implied value of the $DOG NFTs is a whopping $398 million. The firm hasn\u2019t specified how that figure was calculated. <\/p>\n<p>Whether $220 million or $398 million, it\u2019s a stunning return for a picture of a dog bought for just 1696.9 Ether, worth $4 million, back in June. <\/p>\n<p>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. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Dogecoin Foundation demands copycat meme coin \u2018Dogecoin 2.0\u2019 change its name<\/em><\/strong><\/p>\n<h3>Apes are not a bore for Sotheby\u2019s<\/h3>\n<p>Meanwhile Sotheby\u2019s is currently hosting an auction of 107 Bored Ape Yacht Club NFTs that is expected to fetch between $12 million to $18 million. <\/p>\n<p>The 107 NFTs have been bundled into one collection and put up for sale by the project\u2019s 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. <\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/cca5fd9f-7dec-4c6b-8306-f06e8a127948.png\"><\/p>\n<p>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. <\/p>\n<p>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. <\/p>\n<p>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. <\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/doge-meme-hits-220m-valuation-as-sotheby-s-bored-apes-auction-is-tipped-to-fetch-18m\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The original Doge meme NFT has soared<\/p>\n","protected":false},"author":3,"featured_media":137670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Doge meme hits $220M valuation, as Sotheby&#x27;s Bored Apes auction is tipped to fetch $18M - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/doge-meme-hits-220m-valuation-as-sothebys-bored-apes-auction-is-tipped-to-fetch-18m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Doge meme hits $220M valuation, as Sotheby&#x27;s Bored Apes auction is tipped to fetch $18M - 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