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Bitcoin meme coin DOG hits $336 million market cap After runes airdrop

The DOG-GO-TO-THE-MOON (DOG) token was airdropped yesterday to accounts holding Runestone Ordinals project inscriptions. This made the newly minted coin instantly the most owned Runes token. The meme coin’s market capitalization also surpassed $340 million.

The Runes protocol, which came to life after the halving of Bitcoin on the night connecting Friday to Saturday, continues to talk about its own tokens. The DOG-GO-TO-THE-MOON (DOG) meme token, which is one of these tokens and airdropped to accounts holding Runestone Ordinals as of yesterday, became the number one coin on the Runes protocol.

With 74 thousand accounts holding this token, the coin reached the top of the Runes protocol in this sense. The closest to the DOG token was the RSIC-GENESIS-RUNE token with 22 thousand accounts.

Leonidas, who issued the DOG-GO-TO-THE-MOON coin and is known on the X platform with his anonymous personality, stated that 100 billion of this token, which has a total supply of 100 billion, was sent to accounts as airdrops. It is also seen that the 5 accounts holding the most DOG have 10% of the total supply.

The lowest value of the token was seen as 5.28 sat. In other words, the token is priced at $0.003 Bitcoin. Despite the low value, the Magic Eden marketplace saw a volume of 53 Bitcoin, or about $3.4 million.

Why are the names so long?

The length of the names of the tokens issued on the Runes protocol also draws attention. Except DOG-GO-TO-THE-MOON, which is the subject of the news;


and other coins.

Coin names are all capitalized and long, which is a requirement of the Runes protocol. But for every 17,500 blocks, the length requirement will decrease by one letter. This means that the names can be shortened as blocks are mined.

The reason for this is to avoid the copying of branded or well-known coins.

Brian Laughlan, founder of the Bitcoin Ordinals startup OrdinalsBot, said, “No one should be able to copy Pepsi in a day,” and argued that it makes sense.


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