Bitcoin-Backed DOG Token Surges to Become 9th Biggest Meme Coin, Achieves 216% Growth in a Month
A unique meme coin called DOG•GO•TO•THE•MOON, developed by Leonidas, the creator of Ord.io, has reached new heights, now ranking as the ninth-largest meme coin based on market capitalization. As of now, the token’s market value stands at $695 million.
Breaking new ground, the top ten meme tokens now include a member that originates from the Bitcoin blockchain. DOG•GO•TO•THE•MOON, or DOG for short, has been steadily climbing the meme token rankings since its launch and airdrop to Runestone NFT holders.
According to data provided by coingecko.com, DOG is currently the ninth-largest meme coin by market cap and the 132nd crypto asset by market valuation worldwide. At the time of writing, DOG is being traded at $0.006997 per unit as of 6 a.m. Eastern Time on Thursday.
Recently, the price experienced a 7.5% drop from its all-time high (ATH) of $0.007542 per coin on May 30, 2024. The meme token, based on the Runes platform, reached a market valuation peak of $745 million. Over the past week, DOG has seen a 79% increase against the U.S. dollar and an astounding 216% surge over the last 30 days.
Current data reveals that DOG is held by 70,292 unique bitcoin addresses, with the top address controlling 3.24% of the token supply. DOG is also the most popular Runes-based token on the Okx digital collectibles marketplace, with a trading volume of 577.39 BTC ($39 million) in the past 24 hours. Additionally, on Magic Eden, DOG ranks as the second most traded Runes token, with a 24-hour trade volume of 86.57 BTC ($5.8 million).
The impressive growth of DOG exemplifies the increasing impact of meme tokens within the cryptocurrency landscape. As the adoption of digital assets becomes more mainstream, unconventional tokens like DOG and others have the potential to disrupt traditional financial markets, challenging long-standing notions of value and investment paradigms.
What are your thoughts on the exponential rise of DOG? Feel free to share your opinions and perspectives on this topic in the comments section below.