With bearish trends tightly gripping the crypto market and the prices of most cryptocurrencies down, several investors who bought their crypto assets at a higher rate are sitting in losses, especially after recently selling them at a lower price tag.
An example is a crypto user with the X (Twitter) username, RookieXBT, who lost 96% of their investments in a crypto token called Feisty Doge NFT ($NFD). After purchasing $500,000 worth of the token in October 2021, RookieXBT sold everything for $20,000 on October 9th.
What is Feisty Doge NFT?
Feisty Doge NFT is an Ethereum-based fractionalized NFT project, a single non-fungible token that is divided into smaller pieces (fractions) enabling several investors to own a piece of the project. The NFT was originally in picture format, featuring the popular Japanese Shiba Inu dog, Kabosu. The piece was auctioned for over $43,000.
The new owner with the X (Twitter) username, Cryptopathic, fractionalized the NFT into 100 billion tokens in August 2021.
Shortly after its debut as a fractionalized NFT, the Feisty Doge NFT project soared in attention and the NFD token’s value rose by over 700%. The NFT’s valuation also skyrocketed to around $75 million.
RookieXBT Invests $500k
Among the multiple users who invested in the project, RookieXBT joined with half a million dollars. On-chain data reveals that the user purchased the NFD tokens in two transactions – $120,000 and $380,000.
While plunging the funds into the fractionalized NFT project, RookieXBT proclaimed that the NFT will be valued at $1 billion “in due time.” The user also declared that the dog-themed image would become “the next Mona Lisa.”
Notably, late 2021 saw the all-time high in crypto market capitalization. Prices of most crypto assets soared to new highs, NFD inclusive.
Fast forward to today, 24 months after RookieXBT bought the large tranche of NFD tokens, the user sits in substantial losses.
Currently, NFD token trades at $0.00001982, representing over 90% decrease from its all-time high (ATH).
Source: CoinStats
