The recently launched Runes protocol token known as “DOG•GO•TO•THE•MOON” has soared to the top of the charts in terms of trading volume among non-fungible token (NFT) marketplaces. In just 24 hours, the token has accumulated a staggering $13.20 million in trade volume on platforms like Okx’s NFT market and Magic Eden, making it the second most valuable Runes-based coin with a market capitalization of $319 million.
Referred to as “DOG” for the purpose of this article, the token associated with Leonidas’ Runestone NFT has emerged as the frontrunner in terms of trade volume among Runes-based coins. Currently, the DOG token is priced at 5 satoshis on Magic Eden, equivalent to $0.0032, and is trading at 5.14 satoshis on Okx, approximately the same value. On Okx, DOG has achieved a 24-hour trading volume of $6.15 million, while on Magic Eden, the volume has reached $7.04 million.
DOG, created by Leonidas, the founder of ord.io and the mastermind behind the Runestone NFT project, is a Runes-based coin. Every holder of a Runestone has received an airdrop of the DOG token, with each holder receiving over 800,000 coins from the total supply of 100 billion DOG tokens. Currently, there are approximately 73,245 holders of the DOG token, primarily within the Runes ecosystem.
In addition, DOG ranks as one of the largest Runes-based tokens in terms of market capitalization. While the Runes-based token known as “Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z,” or Z•FEHU for short, boasts a market valuation of around $2.9 billion, DOG holds the second-highest market cap among Runes tokens at $319 million. Z•FEHU has recorded a trading volume of approximately $166,995 on Okx and over $413,000 on Magic Eden.
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