The DOG•GO•TO•THE•MOON (DOG) meme coin has experienced a meteoric rise in its market cap, reaching $336 million following a recent airdrop through the Runes protocol. This event has propelled DOG to the forefront as the most widely held Runes token to date.
Airdrop to Ordinals Holders Boosts DOG’s Holder Count
DOG, a Bitcoin meme coin created via the Runes protocol, was airdropped to holders of the Runestone Ordinals project, instantly elevating its status as the most widely held Runes token. The airdrop saw DOG holders surpass 74,000, marking a significant milestone in the Runes ecosystem.
Luminex Data Highlights DOG’s Dominance
According to data from minting and etching platform Luminex, DOG has become the Runes token with the highest number of holders since the launch of the protocol. With over 74,000 holders, DOG surpasses other tokens like RSIC•GENESIS•RUNE, which boasts nearly 22,000 holders.
Significant Trading Volume on Magic Eden
Despite its humble beginnings, DOG has garnered substantial attention on the secondary market. On the Runes marketplace Magic Eden, DOG has recorded a one-day trading volume of 53.1 BTC, equivalent to approximately $3.4 million. Since its launch, DOG has seen a total trading volume estimated at $10 million.
Check your wallets!
100,000,000,000 $DOG has been successfully airdropped to Runestone holders.
Shoutout to giga-chad volunteer community member @gm7t2 for flawlessly executing it.
The journey to $1 has begun 🐕🚀🌕 pic.twitter.com/XPL7q6m7VG
— Leonidas (@LeonidasNFT) April 24, 2024
The top five wallets holding DOG collectively possess nearly 10% of the total token supply. On the secondary market, DOG has a floor price of 5.28 sats, translating to approximately $0.003 worth of BTC. With a market capitalization of approximately $336 million, DOG has emerged as a significant player in the Runes ecosystem.
Curious Names Reflect Runes Protocol Standards
The peculiar names associated with Runes tokens, including DOG, are a result of the minimum length requirement encoded in the protocol to prevent name squatting. As more Bitcoin network blocks are processed, this length requirement will gradually decrease over time.
The surge of DOG•GO•TO•THE•MOON following the Runes airdrop underscores the growing popularity of meme coins within the crypto community. With its impressive holder count and substantial trading volume, DOG has cemented its position as a prominent player in the evolving landscape of decentralized finance.
