A meme coin issued on Bitcoin’s Runes protocol, DOG•GO•TO•THE•MOON (DOG), is rapidly approaching a $1 billion market cap after a staggering 200% increase in the last 30 days.
Launched on April 20 during the Bitcoin halving event, DOG has quickly become a standout in the meme coin world. It ranks as the largest meme coin on Bitcoin and the seventh-largest across the entire crypto market, trailing behind giants like Dogecoin (DOGE), which boasts a $23 billion market cap.
This meteoric rise of DOG mirrors a broader meme coin trend, with tokens such as SHIB, PEPE, and FLOKI also experiencing significant market cap growth since the beginning of the year.
Unlike most meme coins that leverage high-speed blockchains like Solana and Base, DOG is pioneering the Runes protocol, a new Bitcoin layer-2 network. Runes aims to make Bitcoin transactions cheaper and faster, offering a viable alternative to the more cumbersome Ordinals Protocol, which embeds data directly into Bitcoin transactions.
In the past 24 hours, DOG has recorded nearly $100 million in trading volume, as traders speculate on its potential to replicate the success of well-established meme coins on other blockchain platforms.
However, it’s important to note that meme coins like DOG are notorious for their volatility, driven largely by social media buzz rather than any fundamental use case. For instance, after its launch, DOG plummeted over 60% within three weeks before beginning its recent upward trajectory.
As DOG continues its ascent, investors remain cautious, mindful of the unpredictable nature of meme coins.
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