Dog Runes ($DOG) Price Soars on CEX Listing Rumors
2024-11-20
Bittime - Dog Runes ($DOG), a Bitcoin-based meme coin built on the Runes protocol, has become a testament to the success of the growing crypto ecosystem.
This rise challenges traditional narratives and shows the potential of the Bitcoin network to embrace new types of digital assets. At the time this article was written, the project's market capitalization exceeded $700 million (Rp. 11.06 trillion) driven by rumors that the coin could soon be listed on a major exchange.
DOG, a Successful Example of Memecoin on the Bitcoin Network
DOG manages to differentiate itself from other meme coins minted on the Solana blockchain because it uses the robust infrastructure of the Bitcoin network to complete transactions.
The Runes Protocol, developed by Casey Rodarmor, is one of the newest and most revolutionary innovations in the Bitcoin ecosystem since its launch.
Unlike many speculative tokens that emerge only to quickly disappear, DOG has managed to capture the attention of investors for several months by leveraging the innovative Runes protocol and creating a compelling narrative around Bitcoin's native digital asset.
Read also: 5 Bitcoin-Based Meme Coins That Have the Potential to Bull Run in December!
DOG Fully Distributed to Early Adopters of the Runes Protocol
The DOG project began in April 2024 as holders of Runestone Ordinals, a Genesis asset that preceded the official Runes token. They received the entire supply of DOG tokens, which is 100 billion.
The initial idea was to reward early adopters of the Runes protocol with additional types of assets that could be valuable in the future. In total, 75,000 wallets received this airdrop, ensuring that the most loyal supporters of the Runes project were the first to receive the tokens.
The creator of this project, Leonidas, does not keep a single DOG token for himself or the team behind the Runes project. His approach appealed to crypto enthusiasts who saw him as an extraordinary embodiment of the core principles that make blockchain technology such a disruptive force—its decentralized nature.
“DOG is at the intersection of the two main narratives of this cycle, namely meme coins and Bitcoin,” Leonidas explained at the time.
His transparent approach resonates strongly within the crypto community. By eschewing traditional fundraising methods such as pre-sales or paid promotions, DOG establishes itself as a pro-decentralization movement.
The project has explicitly committed to not paying for listings on centralized exchanges (CEXs) or working with market makers to increase its liquidity. Instead, the community promises to focus on organic growth and engagement.
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DOG Market Cap Could Jump Again to $1 Billion if Listing Rumors Are Confirmed
DOG has had an incredible run since launch, reaching a market capitalization of nearly $1 billion (Rp. 15.8 trillion) in early June—about a month after the token launched—and maintaining some of those early gains along the way.
Despite experiencing the natural volatility associated with the crypto ecosystem over the following months, the token continued to attract investor interest to the point that its market capitalization bottom was above $200 million (Rp. 3.16 trillion)—still a decent value for a digital asset with no practical utility.
However, DOG's journey has changed in recent days as rumors that this token could be listed on Kraken have pushed its aggregate value from $330 million (Rp. 5.21 trillion) in early November to almost $800 million (Rp. 12.64 trillion) to date.
The crypto community is also excited about the possibility of the project being listed on Binance and traders are already predicting that its market capitalization will surpass $1 billion if this rumor is confirmed in the coming weeks.
The number of mentions of DOG on social media platforms like This organic approach may attract more interest in those assets compared to traditional paid promotion strategies, according to industry observers.
Runes Account for More Than Half of Fungible Token Transactions
The Runes protocol allows developers to create fungible tokens on the Bitcoin blockchain. The protocol addresses scalability issues that have plagued the Bitcoin ecosystem since its launch and represents significant technological innovation and advancement for the network.
Previous projects involving the creation of BRC-20 tokens failed to attract as much community interest as Runes has. Currently, BRC-20 tokens are only responsible for 55% of all fungible token transactions, down from the previous figure of nearly 95%.
Runes' impact on the overall transaction volume of fungible assets in Blockchain networks marks a watershed moment for a network that is supposed to be the world's most efficient alternative for cross-border payments.
Rodarmor's vision for this protocol was provocative from the start. He described it as a way for people to make “shitcoins” on the Bitcoin network and explore its boundaries. DOG is a great example that this approach seems to be working and can help the ecosystem attract more developers.
Read also: Bitcoin Rainbow Chart: Understanding and How to Understand BTC Market Sentiment
The advantage of the Bitcoin network and its native token BTC lies in its superiority compared to the large number of alternative blockchains that have emerged in recent times with the promise of providing a scalable and efficient ecosystem for all types of digital assets to thrive.
As the “Genesis” blockchain, migrating to the Bitcoin network should be easier as long as it can offer the same benefits as other decentralized ledgers such as Solana and Ethereum.
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