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In summary
- DOG•GO•TO•THE•MOON reached an ATH of $0.0096, boosting its market cap to $966M, standing out among Bitcoin-based memecoins.
- Baby Doge Coin rose 33% and Neiro 10%, both supported by renewed interest in dog-themed meme tokens.
- Memecoins like DOG and Neiro showed significant trading volumes on Gate.io, surpassing $300M combined in 24 hours.
Some prominent dog-themed meme coins are hitting higher prices as the week kicks off, with Dogecoin- and Bitcoin-based coins stealing the show.
DOG•GO•TO•THE•MOON (also known as DOG), a Runes token that launched alongside the protocol’s debut in April, hit an all-time high price of $0.0096 late Sunday, according to data from CoinGecko. Meanwhile, its market capitalization reached $966 million, surpassing a previous peak seen in June.
Runes was developed by Casey Rodarmor, whose Ordinales project spawned a bustling market for Bitcoin-based collectibles upon its launch last year. Together, the projects seek to bring assets that resemble meme coins and NFTs to the original Cryptocurrency network.
Memecois are extremely volatile assets, even by cryptocurrency standards, trading on little more than vibes and the attention they can generate online. While Dogecoin’s $64 billion market cap stands out in the meme coin space, its success has paved the way for the creation of countless tokens that have followed in its canine wake over the years, all of which basically exist on any chain you can imagine.
DOG•GO•TO•THE•MOON was launched by its co-creator known as Leonidas in April, who mass-airdropped the token to holders of the Runestone project. The Bitcoin-based meme cryptocurrency has been listed on the OKX exchange and the Magic Eden cross-chain NFT marketplace, among other exchanges.
“A new all-time high is especially exciting because we achieved it without a listing on a top-tier exchange,” Leonidas told Decrypt.
Although the price of DOG has increased by 35% in the last week, investors have turned their attention towards dog-based meme coins running on other blockchains. Notable winners include Baby Doge Coin on the BNB chain and Neiro on Ethereum.
Baby Doge Coin (BABYDOGE) was launched in 2021, and of course, pays homage to Dogecoin. Although its high price on Monday was still below its ATH of $0.000000006288, the meme coin’s price increased by 33%, putting it within striking distance of a previous all-time high.
When Dogecoin’s mascot, a Shiba Inu dog named Kabosu, passed away in May, the impact was felt far beyond the cryptosphere. However, shortly after, a 10-year-old rescue dog named Neiro was adopted by Kabosu’s owner, which the crypto community quickly embraced.
Neiro-inspired meme coins were launched separately on Ethereum and Solana. And while none have been backed by Nerio’s owner, an Ethereum-based version of Neiro (NEIRO) reached a market cap of $1.1 billion last month. On Monday, the token’s value increased by 10%, reaching a price of $0.002, according to CoinGecko.
Notably, DOG, Neiro, and Baby Doge Coin recorded disproportionate trading volumes on Gate.io, an exchange based in the Cayman Islands. Each coin had reached $61 million, $56 million and $187 million in trading volume in the last day, respectively, on the platform, according to CoinGecko.
While Bitcoin transactions involving Runes accounted for 81% of network activity days after the protocol for memecoins launched in April, that initial wave of enthusiasm has subsided. Still, Bitcoin transactions involving Runes totaled 8% of Bitcoin transactions on Sunday, suggesting that its presence on the Blockchain remains quite strong, according to data from Dune.
Edited by Andrew Hayward
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