NFT based image of iconic Shiba Inu dog sold for US$4 million

The iconic Japanese Shiba Inu dog, the face of Dogecoin and a very prominent internet meme has lived up to its reputation. Just recently, an image of the zealous dog was sold as an NFT Non-Fungible Token (for a whopping sum of US$4 Million, making it the most expensive meme NFT in history. The meme was put under the hammer last week by Atsuko Sato, who owns the viral Shiba Inu dog named Kabosu. After bidding for three days, it was sold at an unbelievable price to a user named ‘pleasrdao’  who paid 1,696.9 Ethereum cryptocurrency equivalent to RS. 29.9 crore. 

Kabosu and doge

Kabosu initially gained fame in 2013 after a picture from its photoshoot along with Comic Sans text depicting its fictional inner monologue surfaced online. The hilarious picture exploded online and quickly gained popularity amongst the meme makers who started dishing out meme with the dog's images. The  Shiba Inu dog reached the peak of its fame after a techie duo created the cryptocurrency- Dogecoin in honour of the meme. 

"Never in a million years would I have imagined the impact that my photoshoot of Kabosu would have on the internet. It’s a moment that’s evolved and taken on a life of its own over the last decade—being shared millions of times and creating an entire community around the Doge meme. I’m excited to share that I’ve minted the original meme and photoshoot images as NFTs, and will be auctioning them for charity," Sato wrote in an Instagram sharing the news of the auction. 

Meanwhile, the market value of Dogecoin is expected to be hover around US$0.28. Most crypto experts believe that if the crypto markets recover Dogecoin could go up to a dollar. However, since May 19, the crypto market has remained stagnant, as has Dogecoin. In the short term, i.e. June 2021, unless the market recovers significantly, Dogecoin can be expected to hover around a price of $0.28 - $0.38, based on the Dogecoin chart readings of the previous weeks. However, price predictions should be taken with a grain of salt. 

Image: Kabosumama/Instagram