DOG Rockets Toward $1B Market Cap
The meme coin is the largest asset to be launched on Runes protocol.
The rise of DOG
The aptly named DOG token has been making waves in the cryptocurrency market, with its market cap approaching $1 billion following a 200% rise in the past month. This surge comes after a 60% decline following its launch and the bitcoin halving in April.
The Rise of DOG
DOG is the largest meme coin on the Bitcoin blockchain and the seventh largest overall. Its rise comes on the back of a flurry of meme-coin activity, with the likes of SHIB, PEPE, and FLOKI all adding billions of dollars to their market caps since the start of the year.
Meme coins are highly volatile assets
While most other meme coins are issued on super-fast blockchains like Solana and Base, DOG is helping establish Runes as a legitimate Bitcoin layer-2 network despite the cumbersome nature of the Bitcoin blockchain.
What is Runes?
Runes is essentially a way of making transactions cheaper and faster than the Ordinals Protocol, which embeds data into the Bitcoin blockchain by inscribing information into small Bitcoin-based transactions.
Runes makes transactions cheaper and faster
DOG has racked up close to $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.
“Meme coins are highly volatile assets as they ebb and flow based on social media narrative and not on an underlying use case.” - Oliver Knight
DOG’s market cap approaches $1 billion
It’s worth noting that meme coins are highly volatile assets as they ebb and flow based on social media narrative and not on an underlying use case. Following its launch, DOG slumped by more than 60% in three weeks before embarking on its recent rally.
