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The Doge meme hits a $220M valuation, and Sotheby's Bored Apes auction is tipped to fetch $18M

After successfully splitting into $ DOG tokens, the total implied value of the original Doge NFT meme has skyrocketed. The Doge meme hits a valuation of $ 220 million while Sotheby's Bored Apes is listing an auction of $ 18 million in NEWS -Demand NFTs are the taste of the week, and the new NFT auction of the Sotheby's Bored Ape Yacht Club is expected to reach up to $ 18 million. Doge's meme owner PleasrDAO split the NFT into 17 billion ERC20 tokens called $ DOG and auctioned 20% of them on SushiSwap's own miso in September. The $ DOG tokens acquired at the auction can now be traded on decentralized exchanges such as SushiSwap and Uniswap.

The auction generated 11,942 packaged Ethereum (WETH) valued at approximately $ 44.6 million from a total of 1,769 buyers. Given the total supply of DOG tokens worth USD, the price is 0.0000035186 WETH. ($ 0.$ 013) at press time, the Doge NFT's face value is now around $ 220 million, but some say it's an understatement. According to the fractional token platform Fractional, the implied value of the $ DOG NFT is a whopping $ 398 million. The company did not disclose how this figure was calculated. Whether it's $ 220 million or $ 398 million, it's an amazing return on a picture of a dog bought for just $ 4 million worth of ether in June for just 1,696.9 ether. The tokens are held by the DAO and the other 25% goes to a fund that supports projects in the $ DOG community. It is expected to hit between $ 12 million and $ 18 million.

The 107 NFTs have been bundled into one collection and the project's creators, Yuga Labs, are also auctioning a Bored Ape Kennel Club package of 101 NFTs that are expected to improve. I draw n between $ 1.Yuga Labs Auction: Sotheby's auction for the Bored Ape Yacht Club collection reached $ 4.5 million at press time and the auction will close on September 10th. The Bored Ape Yacht Club's NFTs have become very popular lately. According to data from CryptoSlam, Bored Ape's NFTs achieved record sales of $ 295 million in secondary markets in August.


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