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This Bitcoin-based dog coin is taking on DOGE and SHIB
Alex Dovbnya
A New Dog Cryptocurrency on the Bitcoin Blockchain Is Coming to the Top
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The DOG•GO•TO•THE•MOON (DOG) cryptocurrency has emerged up 14% in the last 24 hours.
According to data from CoinMarketCap, its valuation is currently $886 million. This comes less than two months after the meme coin was released to Runestone Bitcoin Ordinal holders in late April.
One of the most popular meme coins also saw a 65% jump in trading volume in the last 24 hours. So far, it is only available on smaller exchanges like Gate.io and Bitget.
As reported by U.TodayDOG’s success has managed to revive interest in Runes Protocol, a new token standard that allows the creation of fungible tokens on the largest blockchain.
Runes Protocol, which went live shortly after the halving, initially managed to generate a lot of excitement while significantly increasing Bitcoin fees. However, this hype quickly began to wane. Now, it is benefiting from the ongoing meme coin bonanza, with DOG leading the charge.
Ordinals developer Leonidas recently suggested that Satoshi Nakamoto himself may be aware of the current meme coin hype.
If DOG manages to join the ten-figure club, it will be among well-established meme coins such as Solana’s BONK, Floki, and Pepe.
Dogecoin and Shiba Inu are the two largest cryptocurrencies by market cap ($23.1 billion and $14.5 billion, respectively). That said, Leônidas recently suggested that DOG may be undervalued. “An $825 million market cap for $DOG is an absolute joke. SHIB on Ethereum has a $15 billion market cap. Bitcoin is 3x the size of Ethereum. Do the math,” he said online of social media X.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.