A meme coin issued on Bitcoin’s Runes protocol is nearing a $1 billion market cap after surging 200% over the previous 30 days.
The aptly named DOG•GO•TO•THE•MOON (DOG) token spawned on April 20 through the bitcoin halving occasion. It grew to become “Rune Quantity 3” and has since develop into the biggest meme coin on Bitcoin and the seventh-largest meme coin throughout the crypto market. The biggest, dogecoin (DOGE), has a market cap of $23 billion.
DOG’s rise comes on the again of a flurry of meme-coin exercise with the likes of SHIB, PEPE and FLOKI all including billions of {dollars} to their market caps because the begin of the 12 months.
Whereas most different meme cash are issued on super-fast blockchains like Solana and Base, DOG helps set up Runes as a official Bitcoin layer-2 network regardless of the cumbersome nature of the Bitcoin blockchain.
Runes is basically a means of creating transactions cheaper and sooner than the Ordinals Protocol, which embeds information into the Bitcoin blockchain by inscribing data into small Bitcoin-based transactions.
DOG has racked up near $100 million in buying and selling quantity over the previous 24 hours as merchants start betting on whether or not a Bitcoin-based meme coin might emulate the success of established equivalents on different chains.
It is value noting that meme cash are extremely unstable belongings as they ebb and movement primarily based on social media narrative and never on an underlying use case. Following its launch, DOG slumped by greater than 60% in three weeks earlier than embarking on its latest rally.
