Bitcoin-based meme coin DOG-GO-TO-THE-MOON, also known as DOG, has experienced a significant rally, rising by more than 20% in the past 24 hours. The price reached $0.0095, bringing its market cap close to $1 billion. The daily trading volume surged by over 150%, nearing $90 million.
DOG’s Meteoric Rise
Launched on April 24, 2024, DOG has quickly become the most traded token on the Runes protocol. Its rapid rise is attributed to a successful airdrop initiative, where developers distributed 100 billion DOG tokens to over 75,000 holders of Runestone Ordinal NFTs on the first day. This strategic move boosted DOG’s valuation and established it as a key asset within the Runes ecosystem.
Operating on the Bitcoin network through the Runes Protocol, DOG facilitates trading across Bitcoin L1, Bitcoin L2s, and various centralized exchanges (CEXs).
Future Prospects for DOG
DOG’s hourly price chart shows the cryptocurrency attempting to hold above its immediate support line. If it maintains momentum above $0.0084, a rally toward $0.01 is possible. However, if it fails to sustain this level, the price could drop below the support line at $0.0064, potentially leading to a bearish trend towards $0.0045. The next few hours will be critical in determining DOG’s price direction.
Market Speculation and Developer Insights
Leonidas, the developer behind Ordinals, speculated that Satoshi Nakamoto might be aware of the meme coin frenzy. Should DOG reach a market cap in the billions, it would join the ranks of other notable meme coins like Solana-powered BONK, Floki, and Pepe. Observers are keenly watching to see which direction DOG’s price will take shortly.
