A man in Rhode Island has sold a vacant lot in Providence for 150,000 DOGE, or around $50,000 at the time of the sale.
According to a report by local news station WJAR, a Rhode Island man has become the first to broker a real estate deal using the meme-based crypto-asset. The report claims the man was interested in selling his vacant lot using Dogecoin, which has risen in popularity over the last several months due to the influence of Elon Musk and other high-profile endorsements.
Realtor Kyle Seyboth said the sellor told him:
I think it would be really cool if we could only sell my lot using Dogecoin.
Seyboth told WJAR his phone has been “ringing from people who want to do the same thing,” following the lot’s sale. The realtor mentioned that fluctuating prices for DOGE make it difficult to discern whether the buyer or seller benefits from using the crypto-asset.
Dogecoin’s price has been on a roller coaster over the last two weeks. The price plummeted after Elon Musk announced Tesla would stop accepting Bitcoin as a form of payment, but rebounded following Coinbase’s decision to list DOGE.
According to data by CryptoCompare, DOGE is currently trading around $0.4168, down 15.49% in the past 24-hour period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.