In a quite hilarious yet factual turn of events, the fractional ownership of a non-fungible token of the original Doge meme is now worth over US $400 million.
The value of the meme currency began to skyrocket after its owner splitted it into billions of tokens, putting them all up for auction on Wednesday.
Even though each fraction was sold at precisely 0.0000035186 WETH (US$0.013), data from Fractional indicated that the total valuation of the the tokens was US$412 million at press time.
Recall that in June earlier this, a group of decentralized finance leaders under the name, PleaserDao, paid a total of 1,696.9 ETH, which was worth around US$4 million at the time, for the purchase of the NFT of Doge.
However, that particular ownership has now been splitted over 16,969,696,969 $DOG tokens, a figure that has continue to attract attention because till now many observers still think the price and number of tokens created seem like a joke.
Data on Miso revealed that on the marketplace where the auction took place, precisely 1,796 buyers paid a total of 11,942 Wrapped Ethereum, which was worth US$45 million — for 20 percent of the total supply.
Based on available information, the remainder will now be available through decentralized exchanges SushiSwap and Uniswap.
Meanwhile, as it continues to rack up numbers, the format of the investment still appears strange to a lot of users and analysts.
According to foremost Financial News outlet, Zero Hedge, it is the new normal. “The new normal: owning a fractional share of an NFT of a joke cryptocurrency based on a dog,” a tweet by the outlet read.
However, in the $DOG Discord channel, the attitude expressed toward the project appear to be more optimistic.
“Were here to own the most iconic meme of our times.one user said when asked why they were so enthusiastic about the project.” Another put it even more simply: “Im here because in DOGE we trust.”