Bitcoin-based Meme Coin DOG-GO-TO-THE-MOON Rallies 20%, What's Ahead?

Highlights

The daily trading volume for the DOG meme coin surged 107% reaching closer to $90 million.
The DOG meme coin has become the most popular token on the Runes platform after the airdrop.
If DOG maintains momentum above $0.0084, it can possibly trigger a rally towards $0.01.

In the last 24 hours, Bitcoin-based meme coin DOG-GO-TO-THE-MOON rallied by more than 20% reaching all the way to $0.0095 with its market cap reaching closer to $1 billion. The daily trading volume has also surged by more than 150% currently moving closer to $90 million.

Dog.go.to.the.moon Price Rally

DOG•GO•TO•THE•MOON, colloquially referred to as DOG, emerged as a cryptocurrency on April 24, 2024, leveraging the innovative Runes protocol. Its meteoric ascent to fame saw DOG swiftly claim the title of the most sought-after token on the Runes platform.

The catalyst behind DOG’s rapid ascent lies in a meticulously executed airdrop initiative. Inaugurated with a bang, developers disbursed 100 billion DOG tokens on the debut day to a vast network of over 75,000 holders of the esteemed Runestone Ordinal NFTs.

This strategic maneuver not only propelled DOG’s valuation to unprecedented heights but also helped it affirm its status as a cornerstone asset within the Runes ecosystem.

DOG thrives within the framework of the Runes Protocol on the Bitcoin network, facilitating seamless trading across Bitcoin L1, Bitcoin L2s, and various centralized exchanges (CEXs).

What’s Ahead for Bitcoin-based Meme coin ?

The hourly price chart for DOG indicates that the cryptocurrency is attempting to break below its immediate support line. However, bullish investors are anticipating a recovery in the coming hours. Should DOG maintain its momentum above $0.0084, it could trigger a bullish rally towards $0.01.

Conversely, if the bulls fail to drive a surge, DOG’s price may fall below the support line at $0.0064, potentially initiating a bearish trend towards $0.0045. The upcoming hours are crucial for determining the direction of DOG’s price movement.

Leonidas, the developer behind Ordinals, has put forth the intriguing notion that Satoshi Nakamoto could be cognizant of the prevailing meme coin frenzy. Should DOG ascend to the coveted ten-digit club, it would stand shoulder to shoulder with venerable meme coins like Solana-powered BONK, Floki, and Pepe.

If will be interesting to see as to in which direction will the DOG price swing going ahead.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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