Initially started as a joke in 2016, the meme-currency Dogecoin is one of the most valuable cryptocurrencies in the entire crypto market, standing on par with major altcoins such as Ethereum and Bitcoin in terms of market capitalization. The iconic Shiba Inu meme-currency just became the most expensive meme to sell as an NFT or a Non-fungible Token.
Dogecoin was sold for $4 million in an auction on Friday to an unidentified buyer with only a known Twitter username known as @PleasrDAO. As merely a joke, the bidder paid for Dogecoin with Ethereum cryptocurrency, paying 1,696.9 of Ether coins.
The money gained from the Dogecoin goes to a Kindergarten teacher in Japan named Atsuko Sato, the owner of the actual Shiba Inu dog famous for the doge meme. She sold the “Doge” meme on a digital auction website Zora.
The Shiba Inu meme rose to popularity on internet forums like Reddit, and Tumblr in 2010, but now the meme has become the face of a major cryptocurrency, Dogecoin.
Dogecoin garnered its seriousness from various celebrities and billionaires including the CEO of Tesla and SpaceX Elon Musk along with Mark Cuban, the owner of Dallas Mavericks and the host of Shark Tank. Cuban went on to integrate Dogecoin as a means of payment for his NBA team Dallas Mavericks for the merchandise, while Musk’s frequent tweets about Dogecoin further hyped the cryptocurrency.
Dogecoin peaked at 69 cents and is now worth 12,000% higher than its starting price six months ago where it was trading at .002 cents. The price of Dogecoin has fallen closer to 34 cents in recent times. At the same time, the popularity of NFTs has skyrocketed this year, when a Beeple artist scored $69 million in March, resulting in tons of NFTs being sold at increasingly high prices reaching $3 million.
Latest Dogecoin Price
The Week In Dogecoin For March 12th 2021
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