What are Bitcoin Runes…and why did they make a Dog Go To The Moon?
The meteoric rise of Dog Go To The Moon (DOG) has captured attention, as the meme coin surged an impressive 73% within the past 24 hours, catapulting its market capitalization beyond the $540 million mark. According to its creator, Leonidas, DOG has also seen trading volume soar, surpassing $3.5 million, as reported by data from marketplace UniSat.
In an intriguing twist, holders of the Bitcoin (BTC) Ordinal “Runestone” on April 21 found themselves eligible to receive an allocation of 889,806 DOG each on April 24. This allocation stems from DOG being a token issued through the Bitcoin protocol Runes, a system designed to mint fungible assets on the Bitcoin blockchain, introduced shortly after the halving. The mastermind behind this protocol, Casey Rodarmor, is also the creator of the Ordinals protocol.
There have been over 3.5 million transactions related to Runes executed since April 20. This equates to 63.6% of all transactions within the past six days.
Despite the remarkable success of DOG, the Runestone price experienced a sharp decline following the announcement of the token airdrop on April 21, plummeting from 0.07 BTC to 0.027 BTC presently, marking a staggering 61.5% drop in less than a week. However, there remains optimism within the community, fueled by Leonidas' indication that two additional meme coins will be airdropped to Runestone holders in the ongoing bull run.
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