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 $0.45, up over 68% in the past 24 hours. Let’s take a closer look at Dogs of Elon and see what all the hype is about.
What Is Dogs of Elon?
Dogs of Elon is a collection of NFTs featuring variations of Elon Musk and everyone’s favorite K-9. Additionally, Dogs of Elon features an ERC20 token ($DOE) which can be traded and staked to earn more $DOE, renDOGE and even $SHIBA.
Dogs of Elon NFT News
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 $18,000).
It’s clear that there is real demand for these NFTs, the active bidding war doesn’t lie.
Dogs of Elon Coinmarketcap Shoutout
It’s also worth mentioning that Dogs of Elon got a shoutout from Coinmarketcap earlier today.
In their tweet Coinmarketcap said:
“$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.”
Dogs of Elon Price & Tokenomics
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.
Where to buy Dogs of Elon?
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