Doge meme NFT hits $220 million valuation after closing 20% ​​auction in 17 billion DOG

The original NFT meme doge has grown to a valuation of around $220 million following a successful fractional token sale this week.

Earlier this week, the owner of the Doge meme PleasrDAO forked NFT into 17 billion ERC-20 tokens with the symbol DOG and auctioned 20% of them on Miso, a marketplace owned by SushiSwap, on May 1. 9.

DOG tokens purchased in the auction can now be traded through decentralized exchanges (DEXs) such as SushiSwap and Uniswap. The auction raised 11,942 Wrapped Ethereum (WETH), worth approximately $44.6 million from 1,769 buyers.

“DOG trading is now live on SushiSwap. Ape, hooman, cat, all are welcome on Chef’s counter.”

With a total supply of 17 billion DOG tokens and a price of 0.0000035186 WETH ($0.013) at press time, the nominal value of Doge NFT is currently around $220 million.

But some say that’s a pretty low valuation. According to the Fractional fractional token platform, the implied value of DOG is $398 million, although the platform does not specify the calculation method.

Whether it’s $220 million or $398 million, it’s an amazing comeback for a picture of a puppy bought for just 1,696.9 Ether, worth $4 million in June.

PleasrDAO said that the remaining 55% of tokens will be maintained by the DAO and the remaining 25% will be transferred to the fund to support projects in the DOG community.

“And more importantly… $2.25 million is raised for charity.

DOG holders – please visit DOG Park Discord (the do-good-always channel) so we can select the charities we should donate to.”

See more: Long-term Crypto Investment for Newbies

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