A meme coin, DOG•GO•TO•THE•MOON (DOG), issued on Bitcoin’s Runes protocol, is rapidly approaching a $1 billion market cap, experiencing a remarkable 200% surge in the last 30 days. Born on April 20 during Bitcoin’s halving event, DOG has become the largest meme coin on Bitcoin and the seventh-largest meme coin in the crypto market, with a market cap close to $1 billion. While other meme coins like SHIB, PEPE, and FLOKI have also seen significant increases in market cap this year, DOG’s rise is notable for establishing Runes as a credible Bitcoin layer-2 network. Despite Bitcoin’s slower blockchain, DOG’s popularity is evident, with close to $100 million in trading volume over the past 24 hours.
However, it’s important to remember that meme coins are highly volatile and driven by social media trends rather than underlying utility. DOG experienced a significant slump of over 60% shortly after its launch before embarking on its recent rally.
