Bitcoin-Based Meme Coin DOG Rockets Toward $1B Market Cap

As a researcher with experience in the cryptocurrency market, I find the recent surge of DOG, a meme coin issued on Bitcoin’s Runes protocol, to be an intriguing development. With a market cap approaching $1 billion and a 200% increase over the past month, it has become the largest meme coin on Bitcoin and the seventh-largest overall.A meme cryptocurrency, which is based on Bitcoin’s Runes protocol, is approaching a valuation of one billion dollars following a remarkable 200% increase in value over the past month.

During the bitcoin halving on April 20th, an intriguingly named cryptocurrency token called DOG•GO•TO•THE•MOON (DOG) made its debut. Now recognized as “Rune Number 3,” this meme coin has since grown to become the largest meme coin connected to Bitcoin, and the seventh-largest meme coin within the entire crypto market. The most prominent of these meme coins, dogecoin (DOGE), boasts a market capitalization of a substantial $23 billion.

The surge in value for DOG, or Dogecoin, can be attributed to a recent increase in popularity among meme coins. Notable examples include SHIB, PEPE, and FLOKI, which have collectively added tens of billions of dollars to their market capitalizations since the beginning of the year.

Instead of “While most other meme coins are issued on swift blockchains such as Solana and Binance Smart Chain, DOG is working to legitimize Runes as a viable Bitcoin layer-2 solution, despite the intricate workings of the Bitcoin blockchain.”

Over the last 24 hours, there have been nearly $100 million worth of transactions involving DOG, the Bitcoin-linked meme coin. Traders are now speculating if this coin could follow in the footsteps of its successful counterparts on other blockchains.

Meme coins, such as DOG, are known for their extreme price swings that don’t rely on a specific use case but rather on social media buzz. For instance, after its debut, DOG experienced a significant drop of over 60% within just three weeks before recovering and rallying once more.