A meme coin called DOG•GO•TO•THE•MOON, created by Leonidas who is the founder of Ord.io, has achieved a new milestone and now holds the position of the ninth-largest meme coin based on market capitalization. As of the time of writing, the token’s market value stands at $695 million.
The top ten meme token rankings have welcomed a new addition, and what makes it noteworthy is that it is the first meme coin asset created from the Bitcoin blockchain. This token, known as DOG•GO•TO•THE•MOON or DOG for short, has been steadily climbing the ranks ever since its launch and airdrop to Runestone NFT holders.
According to data collected by coingecko.com, DOG is currently the ninth largest meme coin based on market cap. However, among all cryptocurrencies globally, it ranks as the 132nd crypto asset in terms of market valuation. As of 6 a.m. Eastern Time on Thursday, DOG is being traded at $0.006997 per unit.
This price reflects a 7.5% decrease from its all-time high of $0.007542 per coin on May 30, 2024. The market valuation of this meme token, based on Runes, reached its peak at $745 million. Over the past week, DOG has seen a 79% increase against the U.S. dollar, and it has surged by 216% in the last 30 days.
Current data reveals that there are 70,292 unique bitcoin addresses holding DOG, with the top address controlling 3.24% of the token supply. On the digital collectibles marketplace operated by Okx, DOG is currently the most popular Runes-based token, with a trading volume of 577.39 BTC (equivalent to $39 million) in the past 24 hours. On Magic Eden, DOG ranks as the second most traded Runes token, with a 24-hour trade volume of 86.57 BTC (equivalent to $5.8 million).
The rise of DOG exemplifies the increasing impact of meme tokens within the cryptocurrency ecosystem. As the mainstream adoption of digital assets continues to accelerate, unconventional tokens like DOG and others have the potential to disrupt traditional financial markets, challenging long-standing assumptions about value and investment paradigms.
What are your thoughts on the exponential rise of DOG? Feel free to share your opinions and thoughts on this matter in the comments section below.
