📣Bitcoin-based 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.
