DOG's big difference is that it was created on top of Bitcoin with the Runes protocol. Meanwhile, its biggest rival, Dogecoin (DOGE) has its own blockchain and others like Floki (FLOKI) and dogwifhat (WIF) run on Ethereum and Solana, respectively.
Mascot for the memecoin DOG•GO•TO•THE•MOON (DOG) created on Bitcoin. Source: Reproduction/editing with AI.
DOG•GO•TO•THE•MOON (DOG), a memecoin created on Bitcoin, is already among the 100 largest cryptocurrencies on the market. Its appearance in the top 100 comes after a weekly increase of 127%.
By the end of April, DOG had reached a market value of US$500 million. Today this number is close to the US$1 billion range, a difficult mark to reach, especially for such a new project.
On social media, investors celebrated the feat. Leonidas, creator of the Ord.io website, was one who highlighted the rise in the price of memecoin.
“BREAKING: $DOG has just surpassed $BOME to become the 7th memecoin in the world!”
BREAKING: $DOG just flipped $BOME to become the#7memecoin in the world! pic.twitter.com/pigUx4rFkq
— Leonidas (@LeonidasNFT) June 4, 2024
Previously, Leonidas had said that the mainstream media would start paying attention to the project when DOG reached $1 billion. Therefore, it is possible that DOG will gain more exposure this week, attracting more investors.
DOG•GO•TO•THE•MOON becomes the 7th largest memecoin in the world
The memecoin market is hot. In addition to the emergence of Runes in Bitcoin, which enabled the creation of DOG•GO•TO•THE•MOON (DOG) and many others, the reappearance of Keith “Roaring Kitty” Gill last month shook the sector.
Even traded in a few brokers, DOG managed to stand out this week with its 127% increase. According to data from CoinMarketCap, today memecoin is already more valuable than famous projects such as Tezos (XTZ), EOS (EOS) and KuCoin Token (KCS).
DOG•GO•TO•THE•MOON (DOG) is already one of the 100 largest cryptocurrencies on the market. Source: CoinMarketCap.
DOG's big difference is that it was created on top of Bitcoin with the Runes protocol. Meanwhile, its biggest rival, Dogecoin (DOGE) has its own blockchain and others like Floki (FLOKI) and dogwifhat (WIF) run on Ethereum and Solana, respectively.
Other than that, DOG is just another dog image that, like the others, is having great success in the market.
How much more can DOG value?
As the cryptocurrency market is unpredictable, it is possible that DOG•GO•TO•THE•MOON (DOG) will continue to climb positions in the market value ranking.
Therefore, we can compare the value of DOG with other memecoins. To surpass BONK (BONK), for example, DOG will need to multiply its value by 2.3 times, a number not so far from reality.
However, to catch up to big names like Pepe (PEPE) and Dogecoin (DOGE), the situation changes. In the first scenario, an increase of more than 6 times would be necessary. To reach DOGE, DOG needs to appreciate 24 times.
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