Review DOG (Runes): Information, History and Analysis

DOG GO TO THE MOON or Dog (Runes) is a memecoin that gained attention after the halving event. It was created using the Bitcoin Runes Protocol, similar to other BTC runes issued to holders of the Runestone wallet.

This article will provide you with a deeper understanding of Dog (Runes). Join AZCoin on this exploration.

What is DOG GO TO THE MOON?

DOG GO TO THE MOON (DOG token) is a meme coin based on the Bitcoin rune system, launched on 24/4 by Runestone – one of the largest projects dedicated to Runes and Ordinal Inscriptions technology.

The unique name of the project follows the naming standards of the Runes Protocol, requiring long descriptions to prevent name squatting behavior. Casey Rodarmor, the founder of Bitcoin Ordinals, explained: “The most important characteristic that a Rune can have is its name. The name is any combination of characters from A to Z, capitalized from one to 26.”

DOG is part of a voluntary airdrop program organized for the Bitcoin Ordinals community, not allocated to the development team or pre-sale. On 24/4, DOG distributed 100 billion tokens to over 75,000 holders of NFT Runestone Ordinals and continued to dominate the Bitcoin rune market.

The developers of DOG stated that the project’s mission is to increase in value rapidly and bring millions of new users to Bitcoin. DOG (Runes) is present on the Runes Protocol and can be traded on Bitcoin L1, Bitcoin L2, and CEX.

DOG token was listed on the Bitget exchange on 23/5 with the spot trading pair DOG/USDT. Dog (Runes) quickly became one of the projects attracting a large number of investors in the Innovation Zone and BTC Ecosystem Zone.

DOG token information

The DOG GO TO THE MOON token, symbolized as “DOG,” is built on the Bitcoin blockchain. There is a total supply of 100 billion DOG tokens, and all of them are currently in circulation.

Price DOG fluctuations and trading platforms

The DOG (Runes) token is currently trading at $0.00792, showing a 17.64% increase in the last 24 hours and a 109.66% increase over the past seven days. According to Coinmarketcap data, the 24-hour trading volume of DOG is $88.77 million, which has increased by more than 60%. The project’s market capitalization has reached $791.97 million.

Currently, users can trade DOG on various exchanges such as Bitget, Gate.io, BingX, or BitMart, Hotcoin and Websea… For added assurance, you can check out reviews on the best crypto exchanges 2024 page.

How DOG GO TO THE MOON works

The operation of DOG GO TO THE MOON is similar to other cryptocurrencies in the Bitcoin ecosystem. Runes, created by Casey Rodarmor, the creator of the Ordinal protocol, enable the engraving of inscriptions similar to NFTs on the Bitcoin blockchain. Runes facilitate the creation of tokens on Bitcoin, akin to Ethereum and Solana blockchains. Some features of runes include:

• Bitcoin utilizes a transaction model called Unspent Transaction Outputs (UTXO). In this model, each transaction consumes one or more UTXOs to create new UTXOs as outputs. Runes leverage this model to create and transfer tokens.
• Bitcoin offers a unique feature called the OP_RETURN opcode, which allows users to add information to a transaction without affecting its spendability. For Runes, this means token data can include transaction information without clogging the network.
• Creating new Runes involves a process called etching, where the token’s details, such as name, symbol, and supply, are defined within the OP_RETURN field of a Bitcoin transaction. Once etched, tokens can be minted in an open (accessible to everyone) or closed (restricted to users meeting specific conditions) manner.
• Edicts are rules governing how Runes are transferred, including options for batch transfers, airdrops, and transferring all minted tokens to a single account.

Bitcoin runes offer several advantages as follows:

• Simplicity: They streamline the process of creating and managing tokens on the Bitcoin network, eliminating the need for on-chain data or additional native tokens.
• Resource Efficiency: Unlike previous token standards, Bitcoin runes can generate numerous UTXOs. They utilize the OP_RETURN model to minimize unnecessary blockchain consumption and optimize Bitcoin resource usage.
• Lightning Network Compatibility: Runes seamlessly integrate with the Lightning Network, a Bitcoin layer-2 solution that enables fast and low-cost transaction processing. This integration enhances the accessibility and efficiency of runes.
• Increased Miner Revenue: By boosting the number of transactions on the Bitcoin network, runes contribute to higher transaction fees for miners, which is particularly beneficial following a Bitcoin halving event.
• Expanded Utility: The ability to create tokens on Bitcoin facilitates the expansion of use cases, attracting new users and projects to the network.

Features of DOG GO TO THE MOON

• No Pre-Sale: Instead of raising funds through a pre-sale, DOG GO TO THE MOON distributes tokens directly to the community, ensuring a fair and transparent launch.
• No Team Tokens: The development team does not hold any DOG tokens, ensuring all tokens are allocated to investors.
• Organic Marketing: The project relies on organic growth, avoiding paid advertising or influencer endorsements. This fosters genuine interest and community-driven value.
• Fair Distribution: The platform is designed to prevent large token holders (whales) from manipulating the market, creating a level playing field for all participants.
• 100% Circulating Supply: All DOG tokens are distributed at launch, eliminating any potential dilution through future token releases.
• Volunteer-Driven: The project is run by a dedicated team of volunteers, further emphasizing its community-centric approach.
• Organic Listing: DOG GO TO THE MOON does not pay for listings on centralized exchanges (CEXs). Its listing is based solely on community demand and organic growth.

The potential of DOG GO TO THE MOON

The Rune token ecosystem, although relatively new, has been growing rapidly and facing fierce competition. Since its early days, the Runes Protocol – a platform that enables efficient issuance and management of Bitcoin runes – has become well-known for a variety of memecoins.

Among them, DOG quickly rose to the top positions. In just the first seven days after its launch, the project reached a market capitalization of around 368 million USD due to the attraction of the Runes Protocol. By May 28th, DOG had accumulated a market capitalization of up to 420.6 million USD.

Although still quite low compared to industry giants like Dogecoin with a market cap of nearly 21 billion USD and Shiba Inu with around 14 billion USD, this is an impressive milestone for a young memecoin. If it continues to maintain high trading volumes as it does now, DOG has the potential to catch up, even surpassing many big names in the industry.

Currently, DOG ranks 103 in the overall market, 8th in the memecoin group, and has been steadily climbing in rankings since its launch.

DOG is issued by Runestone – a leading NFT Bitcoin Ordinals collection and is the brainchild of Leonidas. Runestone was introduced in early 2024 with 112,400 NFT Bitcoins. Through an airdrop strategy for Runestone holders, Leonidas leveraged the collection’s popularity and over 75,000 user base to propel DOG into a new star in the ecosystem.

According to data from the Luminex mint and etching platform, the number of DOG holders quickly exceeded 74,000 on the airdrop project day.

DOG has the potential to strengthen its current position and further develop through rune. Based on data from Dune, the market recorded 750,428 transactions related to rune immediately after Bitcoin halving, surpassing the standard 174,475 Bitcoin transactions. Rune transactions have generated 64% of total fees, valued at around 133 million USD on the platform, demonstrating the powerful impact of rune on the Bitcoin network.

Conclusion

I hope this article has given you a general overview of DOG (Runes). Make sure your investment is right by going through the Evaluation Process. Thank you for reading and good luck on your investment journey.