The meme coin market is witnessing significant activity as the Bitcoin-based token DOG•GO•TO•THE•MOON (DOG) reached an all-time high of $0.0096 late Sunday.
The meme coin market is witnessing significant activity as the Bitcoin-based token DOG•GO•TO•THE•MOON (DOG) reached an all-time high of $0.0096 late Sunday.
This surge has propelled its market capitalization to approximately $966 million, exceeding previous records set in June. The token, launched in April alongside the Runes protocol, was created by Casey Rodarmor, also known for the Ordinals project, which has popularized Bitcoin-based collectibles.
In addition to DOG, other dog-themed meme coins are seeing gains. Baby Doge Coin (BABYDOGE) on the BNB Chain increased by 33% recently, although its peak price remains below its all-time high of $0.000000006288.
The token, launched in 2021, pays tribute to Dogecoin, which maintains a market cap of around $64 billion.
Similarly, the Ethereum-based Neiro token (NEIRO) has gained traction, with its market cap reaching $1.1 billion last month. After the owner of Kabosu, the original Dogecoin mascot, adopted a rescue dog named Neiro, community interest in Neiro-themed tokens has surged. NEIRO saw a 10% increase in value Monday, reaching $0.002.
All three tokens, DOG, NEIRO, and BABYDOGE, reported substantial trading volumes on Gate.io, recording $61 million, $56 million, and $187 million in transactions over the past day, respectively. Despite the volatility often associated with meme coins, the ongoing interest suggests a robust presence in the market.
Following the initial hype surrounding the Runes protocol, Bitcoin transactions related to Runes accounted for 81% of network activity shortly after its launch. As of Dec. 8, Runes still represented 8% of total Bitcoin transactions, indicating that interest in these meme assets remains strong.
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