Leonidas's DOG•GO•TO•THE•MOON (CRYPTO:DOG) token, launched on Bitcoin's (CRYPTO:BTC) Runes protocol, is edging closer to a $1 billion market cap following a remarkable 200% surge in the last 30 days.
Introduced during the Bitcoin halving event, DOG has swiftly become the largest meme coin on the Bitcoin blockchain and the seventh largest across the entire cryptocurrency market.
Despite an initial decline of over 60% within three weeks of its launch, DOG has initiated a recent rally, reflecting the highly volatile nature of meme coins driven largely by social media narratives.
Notably, DOG's ascent is part of a broader trend in meme-coin activity, with tokens like SHIB (CRYPTO:SHIB), PEPE (CRYPTO:PEPE), and FLOKI (CRYPTO:FLOKI) all witnessing significant increases in their market caps since the beginning of the year.
Moreover, DOG's positioning on Bitcoin's Runes protocol distinguishes it as a legitimate layer-2 network within the Bitcoin ecosystem, offering cheaper and faster transaction capabilities compared to the Ordinals Protocol.