Market

This Bitcoin-Based Dog Coin Is Taking on DOGE and SHIB

Mon, 3/06/2024 – 19:41

Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The DOG•GO•TO•THE•MOON (DOG) cryptocurrency has surged as much as 14% over the past 24 hours. 

Advertisement

According to CoinMarketCap data, its valuation currently stands at $886 million. This comes less than two months after the meme coin was airdropped to the holders of the Runestone Bitcoin Ordinal in late April. 

One of the hottest meme coins has also seen a 65% jump in trading volume over the past 24 hours. It is so far available only on such minor exchanges as Gate.io and Bitget. 

As reported by U.Today, DOG’s success has managed to revive interest in Runes Protocol, a new token standard that allows creating fungible tokens on the biggest blockchain. 

Runes Protocol, which went live right after the halving event, initially managed to generate a lot of enthusiasm while pushing Bitcoin fees significantly higher. However, this hype started to wane quickly. Now, it is benefiting from the ongoing meme coin bonanza, with DOG leading the charge.

Related

Ordinals developer Leonidas recently suggested that Satoshi Nakamoto himself might be aware of the ongoing meme coin hype. 

If DOG manages to join the ten-digit club, it will be among such well-established meme coins as Solana-based BONK, Floki, and Pepe.

Related

Dogecoin and Shiba Inu are the two biggest cryptocurrencies by market cap ($23.1 billion and $14.5 billion, respectively). That said, Leonidas recently suggested that DOG might be undervalued. “An $825M market cap for $DOG is an absolute joke. SHIB on Ethereum has a market cap of $15B. Bitcoin is 3x the size of Ethereum. Do the math,” he said on the X social media network.

SOURCE

Leave a Comment

ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT