The image of an excited-looking Shiba Inu, known as DOGE and one of the most famous memes on the internet, was sold as an NFT for $4 million.
A bidding war for the meme broke out on Zora
On Friday, the winning bidder of the auction, @pleasrdao, placed a willing bid of 1,696.9 Ethereum, which is worth about $4 million. The auction took place on decentralized auction house Zora.
The meme was first put up for auction on Tuesday by Atsuko Sato, the owner of Kabosu, the dog in the picture, and ran for about three days before being sold to @pleasrdao.
On Friday afternoon, a bidding war broke out on Zora for the NFT between users @twodollahotdoge and @pleasrdao, driving up the price until @pleasrdao won by closing the auction with a winning bid.
The auction of the doge NFT was special for the crypto community
The term “doge” comes from the Flash cartoon “Homestar Runner.” In a 2005 episode, the character Homestar refers to another character as “D-O-G-E”. Five years later, in 2010, Sato posted the image of Kabosu on her personal blog, unaware that the photo would take on a life of its own.
Many other memes have been sold as NFTs, such as the “Overly Attached Girlfriend”, which sold for more than 700 thousand dollars. However, the auction of the Doge meme is special because Doge is a very popular meme in the cryptocurrency community, mainly driven by the popular cryptocurrency “Dogecoin”. Although Dogecoin has been around for a few years, its popularity skyrocketed after Tesla CEO Elon Musk endorsed it on social media.