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Doge meme hits $220M valuation, as Sotheby’s Bored Apes auction is tipped to fetch $18M

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The original Doge meme NFT has soared to a valuation of around $220 million following its successful fractionalized token sale this week.

Ludicrously high prices for in demand NFTs are the flavor of the week, with Sotheby’s new Bored Ape Yacht Club NFT auction predicted to fetch up to $18 million.

Earlier this week Doge meme owners PleasrDAO fractionalized the NFT into 17 billion ERC-20 tokens named $DOG, and auctioned off 20% of them on SushiSwap-owned Miso on Sept. 1.

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The $DOG tokens snapped up in the auction can now be traded via decentralized exchanges such as SushiSwap and Uniswap. The auction generated 11,942 Wrapped Ethereum (WETH) worth around $44.6 million from a total of 1,769 buyers.

Given the total supply of $DOG tokens —  which are priced at 0.0000035186 WETH ($0.013 USD) at the time of publication — the nominal value of the Doge NFT is now around $220 million.

But some say that’s an underestimate. According fractionalized token platform Fractional, the implied value of the $DOG NFTs is a whopping $398 million. The firm hasn’t specified how that figure was calculated.

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Whether $220 million or $398 million, it’s a stunning return for a picture of a dog bought for just 1696.9 Ether, worth $4 million, back in June.

PleasrDAO has said 55% of the remaining tokens will be maintained by the DAO and the other 25% will go into a fund that will support projects in the $DOG community.

Apes are not a bore for Sotheby’s

Meanwhile Sotheby’s is currently hosting an auction of 107 Bored Ape Yacht Club NFTs that is expected to fetch between $12 million to $18 million.

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The 107 NFTs have been bundled into one collection and put up for sale by the project’s creators Yuga Labs, who are also auctioning off a bundle of 101 Bored Ape Kennel Club NFTs that is expected to pull in between $1.5 million to $2 million.

Bidding for the Bored Ape Yacht Club collection had reached $4.5 million at the time of publication, and the auction is set to close on Sept. 10. Bidding for the Kennel Club NFTs hit $480,000.

The Bored Ape Yacht Club NFTs have become widely popular of late, and Cointelegraph reported on Sept. 2 that NBA star Stephen Curry joined in on the action by snapping up one of the NFTs for 55 ETH, worth roughly $207,000 at the time of writing.

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According to data from CryptoSlam, the Bored Ape NFTs generated a record $295 million worth of sales on secondary markets in August. Despite it only being the beginning of September, the NFTs have already reached $10 million worth of secondary sales so far. 

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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