Memecoins
Bitcoin-Based Meme Coin DOG Heads Toward $1 Billion Market Cap On Runes Protocol
A meme coin issued on Bitcoin’s Runes protocol is approaching a billion-dollar market cap after surging 200% in the past 30 days.
The aptly named token DOG•GO•TO•THE•MOON (DOG) appeared on April 20 during the bitcoin halving event. It has become “Rune number 3” and has since become the largest coin on Bitcoin and the seventh largest coin on the crypto market. The biggest, dogecoin (DOGE)has a market capitalization of $23 billion.
DOG’s rise comes amid a flurry of activity around meme coins, with companies like SHIB, PEPE and FLOKI all adding billions of dollars to their market capitalization since the start of the ‘year.
While most other meme coins are issued on lightning-fast blockchains like Solana and Base, DOG helps make Runes a legitimate Bitcoin. layer 2 network despite the heaviness of the Bitcoin blockchain.
Runes are essentially a way to make transactions cheaper and faster than the Ordinals protocol, which integrates data into the Bitcoin blockchain by writing information into small Bitcoin-based transactions.
DOG has racked up nearly $100 million in trading volume over the past 24 hours as traders begin betting on whether a Bitcoin-based meme coin could emulate the success of established equivalents on other chains.
It should be noted that meme coins are very volatile assets, as their ebbs and flows are based on the social media narrative and not an underlying use case. After its launch, DOG fell more than 60% in three weeks before embarking on its recent rally.