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This Bitcoin-based dog coin is challenging DOGE and SHIB
Alex Dovbnja
A new canine cryptocurrency on the Bitcoin blockchain is making its way to the top
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The DOG•GO•TO•THE•MOON (DOG) cryptocurrency has increased up to 14% in the last 24 hours.
According to data from CoinMarketCap, its valuation currently stands at $886 million. This comes less than two months after the meme coin was launched to Runestone Bitcoin Ordinal holders in late April.
One of the hottest meme coins has also seen a 65% increase 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 fungible tokens to be created on the largest blockchain.
The Runes Protocol, which launched right after the halving event, initially managed to generate a lot of excitement by pushing Bitcoin fees significantly higher. However, this hype began to die down quickly. It is now benefiting from the continued abundance of meme coins, with DOG leading the pack.
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 established meme coins like BONK, Floki, and Solana-based Pepe.
Dogecoin and Shiba Inu are the two largest cryptocurrencies by market capitalization ($23.1 billion and $14.5 billion, respectively). That said, Leonidas recently suggested that DOG may be undervalued. “A market cap of $825 million for $DOG is an absolute joke. SHIB on Ethereum has a market cap of $15 billion. Bitcoin is 3 times bigger than Ethereum. Do the math,” he said on the social media site network
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.