Meme coin Dog Go To The Moon surpasses $500 million market cap

The DOG token was airdropped for users who held the Runestone Bitcoin Ordinal until April 21.

The meme coin Dog Go To The Moon (DOG) rose 73% in the last 24 hours and surpassed $540 million in market cap, according to its creator, who identifies himself as Leonidas. DOG also surpassed $3.5 million in trading volume, data from marketplace UniSat shows.

Every investor holding the Bitcoin (BTC) Ordinal “Runestone” on April 21 qualified for receiving 889,806 DOG each on April 24. DOG is a token issued using the Bitcoin protocol Runes, which is used to create fungible assets on the Bitcoin blockchain, and was introduced immediately after the halving. The protocol was developed by the same creator of the Ordinals protocol, Casey Rodarmor.

Over 3.5 million Runes-related transactions have been executed since April 20, representing 63.6% of all transactions on the Bitcoin blockchain for the past six days, according to a Dune Analytics dashboard created by user Cryptokoryo.

Moreover, Runes investors paid 2,113 BTC in fees, equivalent to over $136 million in Bitcoin price at the time of writing. Despite the DOG success, the Runestone price tanked after the snapshot for the token airdrop was announced on April 21, falling from 0,07 BTC to 0,027 BTC currently, a 61.5% drop in less than a week.

However, prices might still go up, as Leonidas mentioned that two other meme coins will be airdropped for Runestone holders during the current bull run.

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