Bitcoin-based meme coin DOG•GO•TO•THE•MOON (DOG) has lept to highs not seen since June as hypothesis swirls round a possible futures listings on Binance.
DOG, Pups•World•Peace (PUPS), and Billionaire•Greenback•Cat (BDC) are all reportedly beneath assessment, in line with an replace from Bitcoin Ordinals explorer Ord.io, with customers on X sharing what look like screenshots of the token’s nomination.
Binance didn’t instantly return Decrypt’s request for affirmation on that time.
It follows a Kraken futures itemizing for DOG on November 15, which kicked off a significant run over the weekend and fueled hypothesis for additional listings throughout main exchanges.
That has whipped merchants right into a frenzy, with the token hovering 88% on the week to $0.007. PUPS and BDC, in the meantime, are up 31% and down 1%, respectively, over the identical interval.
It comes as dog-themed meme cash, together with Dogecoin and people based mostly on the Solana and Ethereum blockchains, are having their time within the solar, with many buying and selling above multi-month highs.
A Whitehouse win by the Republican occasion has helped drive dealer hypothesis for digital property in latest weeks as many anticipate favorable coverage beneath President-elect Donald Trump’s incoming administration.
What’s DOG?
DOG is a meme-inspired crypto token etched atop the Bitcoin blockchain utilizing the Runes protocol. Launched in Could 2024, DOG was airdropped to holders of the Runestone Ordinals challenge, quickly turning into probably the most broadly held Runes token.
BRC-20 tokens have overtaken Runes in Bitcoin’s fungible token market, now representing 55% of all transactions in comparison with Runes’ 45%, exhibiting a reversing pattern over 30 days.
For context, Runes had a 94.7% dominance in opposition to BRC-20 tokens, as proven on October 17, in line with a Dune dashboard.
DOG, whose market capitalization is working at $791 million, additionally holds the prime spot on the Runes trending leaderboard, in line with knowledge from UniSat.
Bitcoin meme cash have modified considerably over the previous yr with Casey Rodarmor’s introduction of the Ordinals protocol, which opened the way in which for Runes.
Rodarmor beforehand described it as an avenue for folks “to create shitcoins” and no matter else crosses their minds. It’s inside this area that DOG was conceptualized and later emerged as a standout performer.
“DOG lives on the intersection of the 2 main narratives this cycle, that are meme cash and Bitcoin,” the token’s pseudonymous creator, Leonidas, instructed Decrypt.
“Solana and Ethereum each have canine cash which are equal to three% of the worth of the chain’s native foreign money so many individuals are anticipating an analogous phenomenon to play out between DOG and Bitcoin,” he mentioned.
Edited by Sebastian Sinclair
Day by day Debrief E-newsletter
Begin every single day with the highest information tales proper now, plus authentic options, a podcast, movies and extra.