From being a popular Doge meme to becoming a current high-valued NFT in the market, the DOG coin has been an impressive asset for traders.
The digital token hits the $550 million mark in its value overnight--in just less than 24 hours.
DOG Coin's Value Skyrockets at Massive Value
According to the data from crypto data aggregator Coingecko, the value of the DOG coin has surged two times its usual value.
At the moment, the Doge meme-inspired NFT is regarded to be one of the most expensive NFT assets.
On Wednesday, Sept. 1, the art collective PleasrDAO has fractionalized the NFT into $DOG following its successful purchase last June for nearly $4 million.
The dog from Dogecoin, which is the famous image of Japan's Shiba Inu, reached Wall Street earlier this year. The value of the meme coin has increased to approximately $95 million at that period.
DOG Coin Amid NFT Popularity
From Bloomberg's updated report on Saturday, Sept.4, there is an existing 17 billion DOG coin.
Each of them has a value of about 3 cents, which accounts for one-fifth of assets in circulation. The original owner of the DOG coin has 55% ownership over it.
In OpenSea, the number of NFTs has witnessed a colossal surge for over 10-fold in August. Considering the risks that traders can encounter, the ballooning users are spread throughout the blockchain environment.
Somehow, social media influence has helped the NFT craze to be hyper than before. Through its wide reach in the online platform, the users are attracted to invest in NFTs.
Furthermore, Uniswap and other decentralized exchanges now allow traders to explore NFT shares or the fractionalized assets.
Loot series, an NFT collection available in OpenSea saw a price surge of 0.07 ETH last week.
Now, its value rose to $87,715 or 22.1 ETH.
For the fans of this collection, the team behind the project decided to give away Adventure Gold tokens for free. The value of the said NFTs sat at $500 million as of Friday, Sept. 3.
303 pieces were the most owned by a Loot owner.
Meanwhile, nearly 1.3 million Adventure Gold was held at the time of writing. All in all, they cost $7.3 million.
NFT Games Are Becoming More Popular
It's no doubt that the influence of NFTs has even reached the world of gaming. Dom Hoffman, the Vine's co-founder has developed an NFT-focused platform "Supdrive" that would house many NFT games.
Earlier this month, the Steam-based NFT MMO game, "MIR4" shared a similar fate with the DOG coin.
During its first 24 hours of live viewing, the NFT game's value increased by 200% amid many critical reviews from some players.
With the NFT games that continue to change the blockchain trend, it's worth noting that some traders considered them as a source of their living.
Games such as "Axie Infinity" and "Plant vs Undead" have been climbing into the ranks of the NFT game ladder.
This article is owned by Tech Times
Written by Joseph Henry