Dogs of Elon (DOE) coins are over 25% short by early Thursday before plunging later today.
As of this writing, the price has dropped by about 17%.
What is Dogs of Elon (DOE)?
Dogs of Elon is a collection of Ethereum-based NFTs that features a variation of everyone’s favorite K-9, along with some special Elons and Zombie Doges.
The collection is available for purchase on Opensea, with the DOE token available on Gate.io, Poloniex, Uniswap and a few other exchanges. Users can wager their DOE tokens to earn rewards without a blocking period, as the DOE is a proof of stake token.
Why did Dogs of Elon (DOE) shoot early Thursday?
The Dogs of Elon team has announced that Dogs of Elon will make a Tesla Model 3 equivalent to a $ 50,000 gift to Ethereum on December 1 where the winners will be chosen at random and announced the same day. To participate, you must either have a Dogs of Elon NFT or have a minimum of 500 DOE tokens.
Recently, Dogs of Elon bought 50ETH for 1.4 million DOE, for the avoidance of doubt the team had a screenshot of the transaction on their official Twitter page. Purchased DOE Tokens will be sent to the Staking Contract and Stakeholders should receive more rewards.
TESLA MODEL 3 OR $ 50,000 IN ETHEREUM! ??
1) RT & LIKE TWEET✅
2) MINIMUM 500 $ DOE TO PARTICIPATE or 1 NFT✅
3) FULL FORM: https://t.co/4YmoyC65Hd
To buy $ DOE on UniSwap: https://t.co/JAgx5BzMpf
– Elon Dogs (@dogsofelon) November 21, 2021
This is after Dogs of Elon announced on November 16 that NFT staking is available on their platform and owners can stake their NFTs to earn rewards in addition to their DOE, in addition, the team is also working on a game to win DOE Game.
Elon Dogs Game
This game resembles the classic Atari Spaceship game, where players will shoot enemy spaceships to progress through levels. This development of a blockchain game to play to win will cause the valuation of Dogs of Elon to reach a new all-time high.
However, there are rumors that the decentralized DOE exchange comes shortly after the team tweeted a blurry image that looked like an exchange dashboard on November 13.
The Dogs of Elon team worked on several projects to evolve the existing platform. However, the price of DOE has struggled for the past two weeks.