Bitcoin Runes DOG Enters Top 10 Memecoins: What’s Ahead in Phase 2?

• Bitcoin Runes token DOG•GO•TO•THE•MOON (DOG) ascends as the 9th largest memecoin by market cap.
• According to the latest data, 72.5K holders hold DOG tokens.

Bitcoin Runes-based memecoin DOG•GO•TO•THE•MOON (DOG) hits $500 million market cap following announcements of its listings on four notable centralized exchanges (CEXs) within the last 24 hours.

This surge has catalyzed DOG to join the top 10 memecoins by market cap. Notably, DOG stands on the ninth spot, with two hyped Solana-based memecoins — Book of Meme (BOME) and Cat in a dogs world (MEW) — ahead in the rankings.

According to data on MagicEden, at press time, the average floor price of this Runes token was 7.7 sats (satoshis), worth $0.0051. 100 billion DOG tokens recorded a market cap of $495.3 million and a 24-hour trading volume of $7.34 million.

Source: MagicEden

This dog-themed memecoin was “etched” onto the Bitcoin blockchain via the Runes Protocol. It was then airdropped to eligible Runestone NFT holders on April 24th. So far, crypto exchanges such as OKX, Gate.io, CoinW, Bitrue, CoinEx and Cube have listed DOG. Marketplaces such as MagicEden and UniSat also have listed this token.

What’s the Next Target For Bitcoin Runes DOG?

Spiking the Bitcoin meme maxis’ hype, the pseudonymous co-creator Leonidas has unveiled his ‘ideal’ expectations for “phase 2 in DOG’s memecoin lifecycle” on X. This includes featuring on the famed digital artist Beeple’s feed, listings on tier 1 CEXs, and higher market cap targets.

Practically speaking this is what phase 2 in $DOG’s memecoin lifecycle ideally should look like:

– Beeple everyday
– Multiple tier 1 CEX listings
– At $767M MCAP we hit front page of CoinMarketCap
– At $1B MCAP mainstream media coverage starts

You are not ready for Phase 3

— Leonidas (@LeonidasNFT) April 26, 2024

Following DOG, other Runes in the lineup are RSIC•GENESIS•RUNE (RSIC), holding a market cap of $210 million and 22,255 holders, and LOBO•THE•WOLF•PUP (LOBO), with $56.3 million and 74,408 holders.

Since its launch on Halving Day, Runes has captured a dominant share of transactions on the Bitcoin blockchain. On Tuesday, 81% of on-chain transactions were related to these “etched” tokens. Launch of Ordinals took over the realm in 2023, spurring the Inscriptions and BRC-20 bandwagon. How will these Runes that boost the creation of fungible tokens on Bitcoin lead the game now?

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