Fractional Doge NFT Value Now Worth $400m

Surprisingly, owning a fraction of the Dogecoin NFT can mean a value of $400m. Dogecoin value rose sharply following the owner’s decision to split the virtual asset into billions of tokens and make it available for purchase earlier in the week. While ten fractional tokens were worth about $0.014 when sold, various metrics show that the tokens sold were valued at over $400m as of this writing.
The Rising Value Of The Dog Meme Coin
As previously reported in various media, Pleaserdao (an association of DeFi enthusiasts) bought doge NFT for about $4.5m in June. These tokens are now valued at almost 17m DOGE, but many crypto analysts quickly point out that these figures seem unbelievable for the meme coin. A Miso data showed that the platform used to sell these tokens recorded sales worth about $46m, which is only 21% of the DOGE in circulation.
Inside sources reveal that the remaining 80% will be sold on Sushiswap and Uniswap. Despite the rising number of buyers, most traders and analysts can’t wrap their heads around the strange nature of this investment. Zero hedge analysts (a financial media firm) opined that owning a fraction of an NFT of a dog-related digital currency seems like the new normal.
Nevertheless, Dogecoin’s discord community seems impressed about the turn of events. One member opined that owning DOGE is iconic, while another said he is holding because he trusts DOGE completely.
SOL Gains Claim Top 7 Spot From Dogecoin
Coinmarketcap data reveal that SOL has surged by almost 13% in the last 24 hours and about 71% in the past seven days to set a new peak price. The rise in SOL price is not unrelated to the surge in popularity of NFT and DeFi. This sharp rise in SOL’s price affected its market cap as it is now valued at more than $44B. Hence, it replaced the dog meme coin to be among the top 7 digital currencies based on market cap.
Apart from the crypto market bull, SOL’s price sharp rise is also the result of Solana’s investment in the NFT sector. NFTs popularity rose during the market’s bull run early in the year but declined sharply following a 70% decline in BTC and ETH price in May.
But NFTs sprung back into prominence when celebrities and superstars started promoting NFT-related projects. Last month, the total sales volume of NFT-related projects was over $3b, an almost 950% increase from the total sales volume in July 2021. Hence, when Solana ventured into the NFT space to launch its ape academy, the SOL price rose sharply. As of this writing, there are almost 40 different NFT-related projects on Solana.
A top crypto analyst opined that SOL’s price rally is also a result of launching several audience-accepted DApps. While the Solana community continues to expand in various blockchain-related projects, which has seen it rival Ethereum, especially as it offers higher scalability and cheaper fees, the question is, can SOL sustain this rally for the long term?
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