DOG•GO•TO•THE•MOON (DOG), a memecoin based on Bitcoin Runes token, has soared to become the 9th largest memecoin by market cap. Currently, there are 72.5K holders of DOG tokens.
Within the past 24 hours, DOG•GO•TO•THE•MOON (DOG) has achieved a market cap of $500 million following its listing on four prominent centralized exchanges (CEXs). This surge has propelled DOG into the top 10 memecoins by market cap, securing the ninth spot. However, it remains behind two popular Solana-based memecoins, Book of Meme (BOME) and Cat in a dogs world (MEW).
At the time of writing, MagicEden reports that the average floor price of DOG tokens is 7.7 sats (satoshis), equivalent to $0.0051. With a market cap of $495.3 million and a 24-hour trading volume of $7.34 million, the total supply of 100 billion DOG tokens is contributing to the token’s success.
DOG•GO•TO•THE•MOON (DOG) stands out among other memecoins as it was “etched” onto the Bitcoin blockchain using the Runes Protocol. It was subsequently airdropped to eligible Runestone NFT holders on April 24th. Several prominent crypto exchanges, including OKX, Gate.io, CoinW, Bitrue, CoinEx, and Cube, have listed DOG. Additionally, marketplaces such as MagicEden and UniSat have also embraced this token.
Looking ahead, the pseudonymous co-creator of DOG, Leonidas, has laid out ambitious goals for “phase 2 in DOG’s memecoin lifecycle” on X. These goals include being featured on the renowned digital artist Beeple’s feed, securing listings on tier 1 CEXs, and achieving higher market cap targets.
Apart from DOG, other notable Runes tokens include RSIC•GENESIS•RUNE (RSIC), which has a market cap of $210 million and 22,255 holders, and LOBO•THE•WOLF•PUP (LOBO), with a market cap of $56.3 million and 74,408 holders.
Since its launch on Halving Day, Runes has gained significant traction in Bitcoin blockchain transactions. On Tuesday, 81% of on-chain transactions were associated with these “etched” tokens. The launch of Ordinals in 2023 further propelled the growth of Inscriptions and BRC-20 tokens. The question now is how these Runes, which enhance the creation of fungible tokens on Bitcoin, will continue to shape the landscape.
Source:
MagicEden