In the whirlwind of the past 24 hours, the Bitcoin-inspired memecoin DOG•GO•TO•THE•MOON (DOG) has skyrocketed to a $500 million market cap after securing listings on four major centralized exchanges (CEXs).
This surge catapults DOG into the top 10 memecoins by market cap, currently holding the ninth position. Surpassing it are two hyped Solana-based memecoins — Book of Meme (BOME) and Cat in a dogs world (MEW).
As per MagicEden data, the average floor price of DOG stands at 7.7 satoshis ($0.0051). With 100 billion DOG tokens in circulation, the market cap hits $495.3 million, accompanied by a 24-hour trading volume of $7.34 million.
Born from the Runes Protocol and etched onto the Bitcoin blockchain, DOG was airdropped to eligible Runestone NFT holders on April 24th. Its recent listings on exchanges like OKX, Gate.io, CoinW, and others have amplified its reach.
Looking ahead, co-creator Leonidas hints at ambitious plans for DOG’s next phase, envisioning features like collaboration with digital artist Beeple and listings on tier 1 CEXs, aiming for higher market cap targets.
Among its Runes counterparts, RSIC•GENESIS•RUNE (RSIC) boasts a market cap of $210 million with 22,255 holders, while LOBO•THE•WOLF•PUP (LOBO) follows with $56.3 million and 74,408 holders.
Since its launch on Halving Day, Runes has dominated Bitcoin blockchain transactions, with 81% of on-chain activities linked to these “etched” tokens. With the launch of Ordinals in 2023, followed by the Inscriptions and BRC-20 tokens, Runes’ role in facilitating fungible token creation on Bitcoin remains pivotal. The question now: How will Runes continue to shape the game?
