Markets
Bitcoin-Based Meme Coin DOG Soars Toward $1 Billion Market Cap
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DOG’s market capitalization is approaching $1 billion after a 200% increase last month.
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It is the largest meme coin on the Bitcoin blockchain and the seventh largest overall.
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The recovery comes after a 60% decline following its launch and Bitcoin’s halving in April.
A meme coin issued on Bitcoin’s Runes protocol is approaching a $1 billion market cap after rising 200% in the last 30 days.
The aptly named DOG•GO•TO•THE•MOON (DOG) token emerged on April 20 during the bitcoin halving event. Has became “Rune Number 3” and has since become the biggest Bitcoin meme coin and the seventh biggest meme coin in the crypto market. The largest, dogecoin {{DOGE}}, has a market value of US$23 billion.
DOG’s rise comes on the heels of a flurry of meme coin activity, with companies like SHIB, PEPE and FLOKI adding billions of dollars to their market capitalizations since the start of the year.
While most other meme coins are issued on super-fast blockchains like Solana and Base, DOG is helping to establish Runes as a legitimate Bitcoin layer 2 network despite the complicated nature of the Bitcoin blockchain.
Runes is essentially a way to make transactions cheaper and faster than the Ordinals Protocol, which embeds data on the Bitcoin blockchain, writing information into small Bitcoin-based transactions.
DOG has racked up close to $100 million in trading volume over the past 24 hours as traders began betting on whether a Bitcoin-based meme coin could emulate the success of counterparts established on other networks.
It is important to note that meme coins are highly volatile assets as they come and go based on social media narrative rather than an underlying use case. Following its launch, DOG fell more than 60% in three weeks before embarking on its recent recovery.