##bullishcandlestick Bitcoin-based $BTC meme coin DOG has reached $1 billion in market capitalization

-- DOG's market capitalization is approaching $1 billion after rising 200% over the past month.

-- It is the largest meme coin on the Bitcoin blockchain and the seventh largest overall.

-- Rally comes after a 60% drop after its launch and Bitcoin's rate halving in April.

The market capitalization of the Bitcoin Runes meme coin is approaching $1 billion after rising 200% in the past 30 days.

The token aptly named DOG-GO-TO-TO-THE-MOON (DOG) appeared on April 20 during the Bitcoin halving event . It became “RUNE number 3” and has since become the largest meme coin in Bitcoin and the seventh largest meme coin on Crypto . The largest of these, Dogecoin (DOGE), has a market capitalization of $23 billion.

DOG's growth comes amid a flurry of meme coin activity, with coins such as SHIB, PEPE and FLOKI increasing their market capitalization by billions of dollars since the beginning of the year.

While most other meme coins are issued on ultra-fast blockchains like Solana and Base, DOG is helping turn Runes into a legitimate Bitcoin -2 network despite the cumbersome nature of the Bitcoin blockchain .

Runes is essentially a way to make transactions cheaper and faster than the Ordinals protocol, which embeds data into the Bitcoin blockchain , embedding information into small Bitcoin-based transactions.

DOG trading volume in the past 24 hours has totaled nearly $100 million as traders have begun betting on whether a Bitcoin-based meme coin can emulate the success of existing equivalents on other blockchains.

It's worth noting that meme coins are a highly volatile asset, as their ebb and Flow depends on social media narratives rather than the underlying use case. After launch, DOG stock fell more than 60% in three weeks before the recent Rally.