DOG•GO•TO•THE•MOON or simply DOG is a memecoin that came into the limelight right after the halving. It was issued using Bitcoin Runes Protocol, just like other BTC runes released every now and then to the Runestone wallet holders.

The memecoin was airdropped to all those users who held the Bitcoin Ordinal "Runestone" until April 21, 2024. According to online data, DOG memecoin has surpassed a market cap of $407 million so far. Let's dive in to learn about its price change, starting with a quick background.

A Brief History and Background

DOG is a memecoin that was airdropped to the Runestone wallet holders on Wednesday, April 24. This comes four days after Bitcoin halving took place for the fourth time in history. Investors holding Runstone, a BTC Ordinal, until April 21 received 889,806 DOG tokens airdropped to their wallets.

As per the data provided by Luminex, a minting and etching platform, DOG holders surpassed 74000 on the same day the airdrop was made. This makes DOG the most widely held memecoin or Runes token ever since the launch of Runes Protocol last week.

What Exactly Is BTC Runes Protocol?

Bitcoin Runes is a token standard for issuing fungible assets (mainly tokens) to the BTC ecosystem via Runes Protocol, a platform created by a famous Bitcoin developer, Casey Rodarmor. The purpose of this protocol is to enhance Bitcoin-native token issuance and trading in the BTC ecosystem.

Casey Radarmor is the same developer who created the Ordinals Protocol, which is also used by developers to issue native token standards like BRC-20 on Bitcoin. However, the BRC-20 token standard is less efficient and causes Bitcoin network congestion by producing excessive junk UTXOs (Unspent Transaction Outputs).

As an alternative to the Ordinals-based token standard, Rodarmor proposed the UTXO-based Runes Protocol in September 2023 and officially launched it in April 2024. Runes are tokens minted or etched using Runestone, a Runes Protocol message stored in BTC transaction output.

Using Runes Protocol, projects can issue various types of fungible assets on top of the Bitcoin network, such as memecoins like DOG, stablecoins, security tokens, governance tokens, etc. The more users trade these Runes tokens, the more transaction fees will be generated to incentivize the miners and keep them motivated to secure the Bitcoin network, as the fourth BTC halving has already reduced their mining reward from 6.25 previously to 3.125.

The Price Variation of DOG on CoinEx

Exchanges have started listing DOG memecoin, which entered the crypto space less than a week ago. CoinEx also listed this Runes token on its exchange for its users. Since its launch, the token has been witnessing peaks in its trading activity compared to other memecoins.

CoinEx recorded a 24-hour trading volume of over $177K for the DOG memecoin on April 27, 2024. The tokens trade at a price of $0.0038 with a circulation market cap of $360M+ at the price time. The ATH of DOG was recorded at $0.005125 on the day of its issuance, i.e., April 24, 2024.

The peculiar thing about the memecoin is that all 100% of the tokens have been airdropped to the Runestone wallet holders on the day of its issuance. This is also the reason why there's a surge in its trading volume yet a gradual decline in the price, as the holders are selling off their airdropped tokens in the market.

If you're interested in trading cryptocurrencies, the best place to get outstanding volatility and prices is CoinEx.

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*This article does not constitute investment advice.

What Is DOG Memecoin and How It Became a Popular BTC Rune Among Holders?