After a 200% surge over the past month, DOG has a market cap of nearly $1 billion, making it the largest meme coin on the Bitcoin blockchain and the seventh largest overall, CoinDesk reported. The surge comes after a 60% drop following its launch and Bitcoin’s halving in April. DOG is a meme coin issued on Bitcoin’s Runes protocol, and its market cap has surged 200% over the past 30 days. The token, called DOG•GO•TO•THE•MOON (DOG), was created on April 20 during Bitcoin’s halving event. It became “Rune Number 3” and has become the largest meme coin on Bitcoin, and the seventh largest meme coin in the entire crypto market. The largest meme coin by market cap, Dogecoin (DOGE), has a market cap of $23 billion. DOG’s rise comes on the heels of a flurry of meme coin activity, with SHIB, PEPE, and FLOKI all adding billions to their market caps since the start of the year. Despite the cumbersome nature of the Bitcoin blockchain, DOG is helping Runes establish itself as a legitimate second-layer network for Bitcoin. Runes are essentially a way to make transactions cheaper and faster than the Ordinals protocol, which embeds data into the Bitcoin blockchain by writing information into small Bitcoin-based transactions. DOG has seen nearly $100 million in trading volume over the past 24 hours, as traders begin to bet on whether the Bitcoin-based meme coin can emulate the success of its already established equivalents on other chains. It is worth noting that meme coins are highly volatile assets as they rise and fall based on social media narratives rather than underlying use cases. After its launch, DOG fell more than 60% in three weeks before embarking on its recent rally.