Dogs of Elon has been one of the top performers this week, up over 800% from when it first hit the market. At the time of writing DOE price is at $0.45, up over 68% in the past 24 hours. Let’s take a closer look at Dogs of Elon and see what all the hype is about.
Dogs of Elon is a collection of NFTs featuring variations of Elon Musk and everyone’s favorite K-9. Additionally, Dogs of Elon features an ERC20 token ($DOE) which can be traded and staked to earn more $DOE, renDOGE and even $SHIBA.
The mint phase of the Dogs of Elon NFTs has been completed. Check out these two awesome NFTs that are currently listed for sale on opensea:
This Elon #8107 NFT is currently listed at 100ETH, valued at over $476,000. Moreover, there are active bids on the NFT, the latest one being 2WETH (valued over $9,000).
Another hot NFT is Elon #7890, which is currently listed at 150ETH, valued at over $700,000! The latest bid on this NFT is 4WETH (valued over $18,000).
It’s clear that there is real demand for these NFTs, the active bidding war doesn’t lie.
It’s also worth mentioning that Dogs of Elon got a shoutout from Coinmarketcap earlier today.
In their tweet Coinmarketcap said:
“$DOE token came out 48 hours ago which is already 600% UP, and right now they have done a reveal on their #NFTs and published on @opensea! Congrats for @dogsofelon team”
The response to the tweet was overwhelmingly positive, some users calling it “the most desirable / rare doge NFT.”
At the time of writing, Dogs of Elon is trading at $0.56 on UniSwap. With a 24 hour trading volume of over $51M and a market cap of $108M, $DOE ranks as the 506th largest crypto on the market.
One of the biggest drivers of $DOE’s price hike is the scarcity of the tokens. With a max supply of 1b tokens, the circulating supply is only 192 million tokens. This means over 81% of $DOE’s supply is locked up.
Such a low circulating supply creates confidence for traders and investors alike. Personally, I wouldn’t be surprised to see $DOE hit $1 by EOY.
Because the presale ended, the best way to purchase $DOE would be using UniSwap. Simply use a desktop browser to link your MetaMask wallet with UniSwap, import the $DOE token and start trading.
As always this is not trading or investment advice, always do your own research.
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Originally published on The VR Soldier
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