The meme coin market recorded a marginal drop over the last 24 hours. Amid this decline, there stands a winner, who is gaining all over around. DOG•GO•TO•THE•MOON (DOG), a meme coin issued on Bitcoin’s Runes protocol is now nearing a $1 billion market cap.
Will DOG go to the moon?
Data shows that the DOG coin price has surged by more than 212% in the last 30 days. It is trading at an average price of $0.0093, at the press time. Its 24 hour trading volume jumped by 62% to stand at $83.12 million. The trending meme coin is heading towards the $1 billion market cap now.
As per reports, DOG’s origins are as unique as its name. Launched on April 20, 2024, during the Bitcoin halving event, it became the “Rune Number 3” on the Runes protocol. This launch not only established DOG as the biggest meme coin on Bitcoin but also the seventh largest across the entire meme coin market.
DOG can be the direct competition to the biggest dog-themed meme coins like Dogecoin (DOGE), Shiba Inu (SHIB) and more. DOG’s rise coincides with a surge in meme coin activity this year. Fellow meme coins like SHIB, PEPE, and FLOKI have all seen higher market cap growth.
It is important to note that DOGE price has dropped by 2% in the last 30 days, while it is down by 9% over the last 60 days. However, PEPE had surged by 70% in the same period.
Why it is trending?
Notably, DOG stands out by operating on the Bitcoin blockchain, a stark contrast to the super-fast blockchains favored by most meme coins (like Solana and Base). This success story strengthens the case for Runes as a viable alternative for faster and cheaper transactions compared to the traditional Bitcoin Ordinals Protocol.
Traders are taking notice, with DOG recording nearly $100 million in trading volume over the past day. The question on everyone’s mind: can a Bitcoin-based meme coin truly compete with established rivals on other blockchains?
It’s crucial to remember the inherent volatility of meme coins. Their value hinges heavily on social media trends and hype, rather than established use cases. Following its launch, DOG plummeted over 60% in just three weeks before experiencing its current rally. This volatility underscores the speculative nature of these assets.
