A meme coin issued on Bitcoin’s Runes protocol is nearing a $1 billion market cap after surging 200% over the past 30 days. The DOG•GO•TO•THE•MOON (DOG) token, launched during the bitcoin halving event in April, has become the largest meme coin on Bitcoin and the seventh-largest across the crypto market.
Key Takeaways
- DOG market cap is approaching $1 billion following a 200% rise in the past month.
- It is the largest meme coin on the Bitcoin blockchain and the seventh largest overall.
- The rally comes after a 60% decline following its launch and the bitcoin halving in April.
The Rise of DOG
The DOG token, which emerged on April 20 during the bitcoin halving event, has seen a remarkable rise. Initially, it experienced a 60% decline in value but has since rebounded, becoming the largest meme coin on the Bitcoin blockchain and the seventh-largest meme coin overall. The largest meme coin, Dogecoin (DOGE), boasts a market cap of $23 billion.
Meme Coin Activity
DOG’s surge is part of a broader trend in the meme coin market, with tokens like SHIB, PEPE, and FLOKI also seeing significant increases in their market caps this year. While most meme coins are issued on faster blockchains like Solana and Base, DOG is helping to establish the Runes protocol as a viable Bitcoin layer-2 network.
The Runes Protocol
Runes is designed to make Bitcoin transactions cheaper and faster, offering an alternative to the Ordinals Protocol, which inscribes data into small Bitcoin-based transactions. DOG’s success on the Runes protocol is a testament to its potential as a legitimate layer-2 network for Bitcoin.
Trading Volume and Volatility
In the past 24 hours, DOG has seen nearly $100 million in trading volume as traders speculate on its potential to replicate the success of other meme coins on different blockchains. However, it’s important to note that meme coins are highly volatile and their value often fluctuates based on social media trends rather than any underlying use case.
Conclusion
The DOG token’s rapid ascent to a nearly $1 billion market cap highlights the growing interest in Bitcoin-based meme coins and the potential of the Runes protocol. As the market continues to evolve, it will be interesting to see how DOG and other meme coins perform in the coming months.
