Alex Dovbnya
A new canine cryptocurrency on the Bitcoin blockchain is pawing its way to the top
The DOG•GO•TO•THE•MOON (DOG) cryptocurrency has surged as much as 14% over the past 24 hours.
According to CoinMarketCap data, its valuation currently stands at $886 million. This comes less than two months after the meme coin was airdropped to the holders of the Runestone Bitcoin Ordinal in late April.
One of the hottest meme coins has also seen a 65% jump in trading volume over the past 24 hours. It is so far available only on such minor exchanges as Gate.io and Bitget.
As reported by U.Today, DOG’s success has managed to revive interest in Runes Protocol, a new token standard that allows creating fungible tokens on the biggest blockchain.
Runes Protocol, which went live right after the halving event, initially managed to generate a lot of enthusiasm while pushing Bitcoin fees significantly higher. However, this hype started to wane quickly. Now, it is benefiting from the ongoing meme coin bonanza, with DOG leading the charge.
Ordinals developer Leonidas recently suggested that Satoshi Nakamoto himself might be aware of the ongoing meme coin hype.
If DOG manages to join the ten-digit club, it will be among such well-established meme coins as Solana-based BONK, Floki, and Pepe.
Dogecoin and Shiba Inu are the two biggest cryptocurrencies by market cap ($23.1 billion and $14.5 billion, respectively). That said, Leonidas recently suggested that DOG might be undervalued. “An $825M market cap for $DOG is an absolute joke. SHIB on Ethereum has a market cap of $15B. Bitcoin is 3x the size of Ethereum. Do the math,” he said on the X social media network.
Read More: This Bitcoin-Based Dog Coin Is Taking on DOGE and SHIB