DOG•GO•TO•THE•MOON (DOG), a Bitcoin-based meme coin built on the Runes protocol has become evidence of the success of the growing crypto ecosystem that is being built on top of the once-regarded costly and inefficient Bitcoin blockchain.

Its ascent is challenging traditional narratives and demonstrating the potential of this network to embrace new types of digital assets. At the time of writing, the market cap of this project exceeds $700 million after being propelled by rumors that it could be listed on top exchanges soon.

A Bitcoin-based meme coin (DOG) has become a testament to the success of the growing crypto ecosystem that is being built on top of the once-costly and inefficient Bitcoin blockchain.

Its ascent is challenging traditional narratives and showing the potential of this network to embrace new types of digital assets. At the time of writing, the market cap of this project exceeds $700 million after being propelled by rumors that it could be listed on top exchanges soon.

DOG is distinct from other meme coins, such as those minted on the Solana blockchain, as it uses the robust infrastructure of the Bitcoin network to settle transactions. The Runes protocol was developed by Casey Rodarmor and represents one of the latest and most ground-breaking innovations in the Bitcoin ecosystem since its launch.

Unlike many speculative tokens that emerged only to fade quickly, DOG has managed to capture the attention of investors for months now by leveraging the innovative Runes protocol and creating a compelling narrative around Bitcoin-native digital assets.

DOG Was Entirely Distributed Among Early Adopters of the Runes Protocol

The DOG project commenced in April 2024 when holders of the Runestone Ordinals, the Genesis asset that preceded the official Runes token, received the total supply of DOG tokens, which is 100 billion.

The idea was to reward early adopters of the Runes protocol with an additional type of asset that could be valuable at some point. In total, 75,000 wallets received the airdrop. This strategic distribution method ensured that the most committed supporters of the Runes project were the first to receive the token.

The project’s creator, Leonidas, kept none of the DOG tokens for himself or the team behind the Runes project. His approach enticed crypto enthusiasts who saw it as a remarkable display of embracement for the core principles that make blockchain technology a disruptive force – its decentralized nature.

“DOG lives at the intersection of the two major narratives this cycle, which are meme coins and Bitcoin,” Leonidas explained at the time.

His transparent approach resonated deeply within the crypto community. By eschewing traditional fundraising methods like presales or paid promotions, DOG established itself as a pro-decentralization movement.

The project explicitly committed to not paying for centralized exchange (CEX) listings or engaging with market makers to increase its liquidity. Instead, the community pledged to focus on organic growth and engagement.

DOG’s Market Cap Could Surge to $1BN Again if Listing Rumors are Confirmed

DOG has experienced a remarkable journey since its launch, reaching a market cap of nearly $1 billion at some point at the beginning of June – roughly a month after the token was launched – and maintaining some of those early gains along the way.

Despite experiencing the natural volatility tied to the crypto ecosystem throughout the following months, the token has been attracting investors’ interest to the point that the lowest level its market cap reached was above $200 million – still a decent value for a digital asset with no practical utility.

However, DOG’s trajectory has changed in the past few days as rumors that it could be listed on Kraken have propelled its aggregated value from $330 million at the beginning of November to nearly $800 million as of today.

The crypto community is also excited by the possibility that the project could be listed on Binance and traders are already predicting that its market cap will surpass $1 billion if these rumors are confirmed in the following weeks.

The number of DOG mentions across social media platforms like X and messaging boards like Reddit has increased dramatically lately as community members are leveraging these rumors to promote the token and turn a quick profit.

This organic approach may be attracting more interest to the asset than traditional paid promotional strategies, industry observers highlight.

Runes Account for More than Half of Fungible Tokens Transactions Already

The Runes protocol allows developers to create fungible tokens on the Bitcoin blockchain. It solves the scalability issues that have plagued the Bitcoin ecosystem since its launch and represents a significant innovation and technological advancement for the network.

Previous projects involving the creation of BRC-20 tokens failed to entice the community to the extent that Runes has. Currently, BRC-20 tokens are responsible for only 55% of all fungible token transactions, down from a previous reading of almost 95%.

The influence of Runes on the overall transaction volume of fungible assets within the Blockchain network marks a pivotal moment for a network that should supposedly become the world’s most efficient alternative for cross-border payments.

Rodarmor’s vision for the protocol was provocative from the beginning. He described it as a means for people to create “shitcoins” on the Bitcoin network and explore its boundaries. DOG is a great example that this approach is apparently working and may help the ecosystem attract additional developers.

To its advantage, the Bitcoin network and its flagship native token BTC hold an edge over the significant number of alternative blockchains that have emerged lately with the promise of providing a scalable and efficient ecosystem