DOG Cryptocurrency Surge and Runes Protocol Interest

The DOG•GO•TO•THE•MOON (DOG) cryptocurrency has experienced a significant surge of up to 14% in the last 24 hours, reaching a valuation of $886 million according to CoinMarketCap data. This rise came shortly after the distribution of the meme coin to Runestone Bitcoin Ordinal holders in late April.

This meme coin, available primarily on Gate.io and Bitget exchanges, has witnessed a remarkable 65% increase in trading volume recently. Its success has reignited interest in the Runes Protocol, a novel token standard enabling the creation of fungible tokens on a major blockchain platform.

Initially introduced post the halving event, Runes Protocol initially sparked enthusiasm but faced a swift decline in hype, leading to a surge in Bitcoin fees. However, the ongoing meme coin trend, spearheaded by DOG, has provided a renewed boost to the protocol.

Developer Leonidas hinted that even Satoshi Nakamoto might be cognizant of the meme coin craze. Should DOG achieve a ten-digit market cap, it would rival established meme coins like Solana-based BONK, Floki, and Pepe.

Unlike Dogecoin and Shiba Inu, top cryptocurrencies with market caps of $23.1 billion and $14.5 billion respectively, DOG, as suggested by Leonidas, might be undervalued. He emphasized the comparison between DOG's $825 million market cap and SHIB's $15 billion market cap on Ethereum, factoring in Bitcoin's dominance over Ethereum's market size.