DOG Coin Becomes 9th Largest Meme Coin

• With the hype surrounding Runes protocol projects growing and rumors of a potential Binance listing for DOG circulating on social media, the asset surged in value by 66%, making it the ninth-largest meme coin.
• DOG-GO-TO-THE-MOON (DOG) is a community-driven meme coin created with a focus on decentralization and fair token distribution.

$DOG Surges In Marketcap Value

DOG-GO-TO-THE-MOON (DOG) is a new meme coin created on the Bitcoin network and etched into halving block 840,000. The project was built by LeonidasNFT, an extremely active influencer in the Bitcoin Ordinals space. The asset uses the innovative Runes protocol as its token issuance standard, meaning it benefits from greater efficiency than BRC-20 assets.

Let's do this! pic.twitter.com/pkJ5La46zw

— Leonidas (@LeonidasNFT) May 28, 2024

DOG is a decentralized community-driven meme coin. In contrast to most projects, which launch as presales on crypto launchpads, DOG had no presale, team allocations, or insider benefits, making it almost entirely decentralized and fair for everyone. That said, DOG has no intrinsic value outside its community and token standard.

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Why Did DOG Surge?

DOG has enjoyed a substantial upward movement since May 28th, with the meme coin increasing in value by 66% over just 48 hours. Several factors contributed to the asset's impressive rise:

• Shorts Closing – A large volume of short sellers was pushing down the price of DOG. However, the volume of shorts decreased as the price of DOG dropped, indicating traders were closing their positions.
• Potential Binance Listing – Binance released a report on Ordinals (NFTs created on the Bitcoin blockchain) before listing its first Ordinal project. The crypto exchange has recently unveiled a report on Runes. With DOG being the largest project in the sector, many investors bought DOG, speculating about an upcoming listing announcement.
• Hype surrounding Runes – With the Runes protocol launching last month, there has been massive hype surrounding the technology, pushing up significant projects using the protocol.

What is the Runes Protocol?

Runes is a protocol for minting tokens like the DOG Meme coin on the Bitcoin network. Its core aim is to create an improved token issuance standard and replace the somewhat inefficient BRC-20 token standard. Unlike BRC-20, the Runes protocol was designed with Unspent Transaction Outputs (UTXOs) in mind, resulting in much greater efficiency.

A single Runes mint has accounted for 63% of all Bitcoin transactions in the past 24 hours yet people are still out here saying Runes are dead lol

If you want to mint be careful because mempool fees are going up so set higher fees to be safe!

Mint → https://t.co/OOCzzaNN2s pic.twitter.com/zR5eMSWeyj

— Leonidas (@LeonidasNFT) May 29, 2024

Cryptokoryo's Dune dashboard shows that the Rune protocol was responsible for over 50% of the fees generated on the Bitcoin network near their Late April 2024 launch. However, the quantity of fees generated by the Rune protocol has decreased significantly, now averaging close to 20% of the fee volume.

The Future of DOG-GO-TO-THE-MOON

Ultimately, the value of any meme coin is driven by hype and community. While DOG-GO-TO-THE-MOON (DOG) excels in these areas, it could face difficulty as competition from other Runes projects grows.

The future of the DOG meme coin is likely tied closely to the success of the Runes protocol and continued community support. Moreover, If DOG can launch on tier-1 exchanges like Binance, it will likely see a massive increase in trading volume.