• The Doge meme’s fractional ownership has been valued at $400 million

  • What does it mean to be the owner of an NFT? What exactly does it mean to own a billionth of an NFT? It could be a good investment for Doge fans, or it could be barking mad.

    Rabies is a highly contagious disease that can be transmitted to humans via dogs and other animals. Fever, uncontrollable excitement, and muscle spasms are some of the symptoms. While there is no direct evidence that investors in Doge NFTs have contracted the virus, there is a lot of excitement in the industry about the meme right now, and many appear to be exhibiting similar symptoms.

    The tokenized ownership of a non-fungible token of the original Doge meme is now worth more than $400 million, after its owner divided the NFT into billions of tokens and auctioned them off on Wednesday. Despite selling for 0.0000035186 WETH (US$0.013), the total value of the tokens at press time was $412 million, according to Fractional data.

    In June, a group of decentralized finance leaders known as PleaserDao paid 1,696.9 ETH — about $4 million at the time — for the NFT of Doge. This ownership is now distributed across 16,969,696,969 $DOG tokens. Even the price and number of tokens created appear to be a joke in this meme-heavy space. According to data from Miso, the marketplace where the auction was held, 1,796 buyers paid 11,942 Wrapped Ethereum — nearly US$45 million — for 20% of the total supply. The rest will now be available via the decentralized exchanges SushiSwap and Uniswap.

    Is it a good investment or are you crazy?

    If this new way of investing seems strange, don’t worry; Financial News outlet Zero Hedge summarized the situation succinctly in a tweet: “The new normal: owning a fractional share of an NFT of a joke cryptocurrency based on a dog.”

    Surprisingly, the mood in the $DOG Discord channel is much more upbeat about the project. When asked why they were so excited about the project, one user said, “We’re here to own the most iconic meme of our time.” Another put it even more succinctly: “I’m here because we trust DOGE.”

    Others looked at what drew them to the community and the technology from a much broader perspective. “All of this is a test use of fractionalized NFTs,” said Rannier, a Discord user. “Imagine a future in which the deed to an apartment complex is an NFT that has been fractionalized, and whoever holds fractions receives that percentage of revenue dividends. Furthermore, because it is all built on Ethereum to ERC standards, it is modular and can be used in DeFi.”

    A meme is created.

    The internet was a very different place in 2013, but it was also the year that one of the most enduring internet memes was born, when a previously unknown breed of Japanese dog known as a Shiba Inu was photographed with a very knowing look on its face. Since then, the meme has been used in almost every situation imaginable, including the creation of a cryptocurrency.

    Dogecoin was created in 2013 as a parody of Bitcoin, but it exploded in popularity earlier this year in the aftermath of the GameStop saga, which introduced the concept of “memestocks” to the world of stock trading. Similarly, Dogecoin rose to prominence as the world’s leading “memecoin.” While Solana has recently surpassed Doge in terms of market cap, Doge remains the eighth-largest token today.

    To complete the circle, Dogecoin has spawned its own copycat coins, such as Shiba Inu token and Baby Doge, in the hopes of riding the same wave of enthusiasm that saw Dogecoin jump over 1000 percent in less than a month.

    Similarly, the NFT market is booming right now, with multiple NFT trading volumes reaching all-time highs this week. Bored Ape Yacht Club gained nearly 70% in the last week to reach a trading volume of more than US$131 million, while CryptoPunks, one of the first NFT projects, recently surpassed US$1 billion in total sales.

    This week, all of these factors came together to create digital tokens representing fractional ownership of a satirical cryptocurrency based on a dog worth nearly $45 million. From the outside, it may appear absurd, but the community is committed to the project, which is what propelled it to these heights in the first place.

    According to JapesD, another Discord user, “$dog is not an investment, it is a membership, we are building something much bigger here — stick around.”

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