Bitcoin meme coin DOG (DOG•GO•TO•THE•MOON) has soared to its highest price since June 2024, thanks to the spillover effect from Dogecoin and expectations of being listed on major exchanges like Binance.
Notable developments:
1. Futures contracts listed on Kraken:
• DOG was just listed on Kraken's futures contracts on November 15. This triggered a strong price surge over the past weekend, attracting significant interest from traders.
• The price of DOG has increased by 88% in the past week, reaching $0.007.
2. Effects from meme coins:
• In the context of many meme coins like Dogecoin, Solana-based and Ethereum-based coins reaching their highest prices in months, DOG has also benefited from market attention.
What is DOG?
• DOG is a meme token based on the Bitcoin blockchain, built on the Runes protocol.
• This token launched in May 2024 and was distributed for free (airdrop) to investors of the Runestone Ordinals project.
• DOG is currently the most popular Runes token, with a market capitalization of $791 million and topping the trending charts on UniSat.
Changes in the Bitcoin meme coin market:
• BRC-20 tokens (like DOG) have surpassed Runes in trading volume, accounting for 55% of total transactions on Bitcoin, compared to 45% for Runes.
• This is a significant change, as just in October, Runes dominated with up to 94.7%.
Political impact:
• The crypto market, especially tokens like DOG, has received positive momentum from Donald Trump's victory. Investors expect the new administration's crypto-friendly policies will support the development of digital assets.
Conclusion:
DOG is living at the intersection of two major trends right now: meme coins and Bitcoin. The development of this token not only reflects the potential of the Bitcoin meme coin market but also demonstrates the appeal of digital assets in the context of changing political and regulatory landscapes. However, investors need to be cautious when riding the trend, as the price volatility of meme coins always carries significant risks.
