The cryptocurrency market has witnessed a remarkable surge in Bitcoin-based meme coins. Leading the charge is Dog (Runes) formerly DOG•GO•TO•THE•MOON.
Despite todays market correction, the Dog (Runes) has experienced a 240% surge over the past month as previously reported, reaching a new all-time high (ATH) as previously reported. This showcases the growing enthusiasm for decentralized, community-driven assets on the Bitcoin blockchain.
What is Dog (Runes) DOG?
Launched on April 24, 2024, DOG is part of the innovative Runes Protocol on Bitcoin. It was introduced through a volunteer-organized airdrop to the Bitcoin Ordinals community, with no team allocation or presale, emphasizing its decentralized nature.
Dog’s (Runes) mission is clear: to go to the moon and onboard millions of people to Bitcoin.
This week, DOG has seen an extraordinary price increase, doubling in value and reaching a current price above $0.0097. This surge has pushed its market capitalization to approximately $960 million, making it a significant player in the cryptocurrency space.
The rise of meme coins on Bitcoin
The rise of DOG coincides with a broader upward trend in the Bitcoin market. Bitcoin itself has hit a recent high of $71,042, marking a 10% increase over the past month. This bullish momentum has spilled over into the meme coin sector, particularly those minted on the Bitcoin blockchain via the BRC-20 and Runes token standards.
ORDI, the first token minted using the BRC-20 standard, has also experienced substantial gains, increasing nearly 16% in one day to just below $54. Its market cap now stands at $1.13 billion, reaffirming its status as the largest Bitcoin-based fungible token.
Dog (Runes), along with other Bitcoin-based meme coins like PUPS, and Bitcoin Wizards (WZRD), has capitalized on this positive market sentiment. PUPS has surged 121% this week, while WZRD has seen a 136% increase.
Following the surge of the price of meme coins on Runes Protocol, the collective market capitalization of tokens on the Runes protocol has now exceeded $2 billion, doubling in just one week. This has alleviated concerns that the Runes protocol was losing steam.
Notably, DOG’s success story underscores the potential of decentralized, community-led initiatives in the cryptocurrency world.
As Dog (Runes) continues to rise, it not only challenges other meme coins on different blockchains but also strengthens the narrative that Bitcoin-based tokens are far from being a passing trend.
With its significant gains and robust market performance, Dog (Runes) DOG stands poised to onboard more enthusiasts into the ever-expanding Bitcoin ecosystem.
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