Dogecoin symbol NFT valued at $225 million

The original Dogecoin meme-symbol NFT rose to $225 million after a successful fractional sale.

🍣🍣 GET YO STICKS READY! $DOG trading is now live on @SushiSwap.

Ape, hooman, cat, all is welcome on the chef’s table. Trade here: https://t.co/fvbHzFPhMQ

— ✨ PleasrDAOGE 🐶🎥 (@PleasrDAO) September 2, 2021

The NFT’s owner, PleasrDAO, fractionalised the asset on the Fractional.Art platform and sold a portion on SushiSwap’s Miso marketplace.

PleasrDAO fractionalised the NFT into roughly 17 billion $DOG tokens and sold a 20% stake through an auction. Proceeds amounted to 11,942 WETH (about $47.4 million at the time of writing).

The price of $DOG on Miso was 0.0000035186 WETH, or $0.013 per token at the time of sale, giving the asset a total capitalisation of more than $225.3 million.

In June, the project purchased the NFT for 1,969.6 ETH — around $4 million at the time.

Fractional values the NFT at $543 million. However, it is unclear what underpins such a figure.

According to PleasrDAO, 25% of the tokens will be allocated to the Dogecoin community fund. The project will retain 55%.

Earlier, ForkLog’s NFT commemorating the magazine’s seven-year anniversary went under the hammer for 6.74 ETH.

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