What Does the Future Hold for the DOG-GO-TO-THE-MOON Meme Coin as it Rises 20% Due to Bitcoin’s Impact?

Highlights

• The daily trade amount for the DOG meme token increased by 107%, reaching nearly $90 million.

• After the airdrop, the DOG meme token has gained the highest level of popularity among all tokens on the Runes platform.

• If the price of DOG stays above $0.0084, it could potentially cause a surge towards $0.01.

Over the past day, the cryptocurrency DOG-GO-TO-THE-MOON, which is based on Bitcoin and has a meme theme, has increased in value by over 20%, topping out at $0.0095. Its market value has also approached $1 billion, while the daily trading volume has risen by 150%, currently sitting at around $90 million.

Dog.go.to.the.moon Price Rally

“DOG•GO•TO•THE•MOON” or DOG, is a cryptocurrency that was created on April 24, 2024, using the Runes protocol. In a short amount of time, DOG became the most popular token on the Runes platform.

The reason for DOG’s sudden rise is due to a well-planned airdrop campaign. On its launch day, developers distributed 100 billion DOG tokens to over 75,000 holders of the prestigious Runestone Ordinal NFTs.

This clever move not only boosted the value of DOG to unprecedented levels, but also solidified its importance as a foundational asset in the Runes ecosystem.

The protocol of Runes on the Bitcoin network enables DOG to thrive, enabling easy trading between Bitcoin L1, Bitcoin L2s, and centralized exchanges (CEXs).

What does the future hold for Bitcoin-backed Meme coins?

The DOG hourly price chart shows that the cryptocurrency is currently trying to surpass its nearest support level. Despite this, optimistic investors are predicting a rebound within the next few hours. If DOG manages to stay above $0.0084, it may spark a bullish surge towards $0.01.

On the other hand, if the bulls are unable to push for an increase, the price of DOG could drop below the support level of $0.0064, potentially leading to a downward trend towards $0.0045. The next few hours will be crucial in determining the path of DOG’s price.

Leonidas, the creator of Ordinals, has proposed the interesting idea that Satoshi Nakamoto may be aware of the current craze surrounding meme coins. If DOG reaches the highly sought after status of a ten-digit valuation, it would be on the same level as popular meme coins such as Solana-powered BONK, Floki, and Pepe.

It will be intriguing to see which direction the DOG price will swing in the future.