Recently, DOG (DOG-GO-TO-THE-MOON), a new meme coin on the Bitcoin network, has been garnering a lot of attention as it has been airdropped to its audience owners via the Loons protocol. The airdrop took place on Wednesday, and DOG immediately became the most widely held Runes token. The token already has over 74,000 holders, making it the token with the most holders since the launch of the Loons Protocol.
Airdrops and market reaction
DOG has airdropped a total of 100 billion tokens, of which the top five wallets hold nearly 10% of the total supply. The largest wallet holds 6.7 billion tokens, representing about 6.65% of the total number of tokens. When converted to satoshis (sats), the smallest unit of Bitcoin, the floor price of DOG is equivalent to 5.28 satoshis, or about $0.003 USD.
Investor interest
Since the airdrop, DOG has seen a one-day trading volume of 53.1 BTC (about $3.4 million) on Magic Eden, a marketplace for runes, bringing its total trading volume since launch to about $10 million. Currently, DOG’s market capitalization is estimated to be around $336 million.
Competition from runes tokens
In addition to DOG, other Runes tokens such as RSIC-GENESIS-RUNE, Z-Z-Z-Z-Z-FEHU-Z-Z-Z-Z-Z-Z-Z-Z, SATOSHI-NAKAMOTO, and BITCOIN-PEPE-MATRIX also boast large holder counts. Each of these tokens is also gaining tens of thousands of holders, establishing itself as a new digital asset on the Bitcoin blockchain.
Market Outlook
The Loons protocol is a new way of creating digital assets on the Bitcoin network, and we expect to see a lot of development and change in the future. As Bitcoin’s block throughput increases, the minimum length requirement for names will gradually decrease, which will allow more tokens and a wider variety of names to appear in the market.
Conclusion
As a new digital asset backed by Bitcoin, DOG and other Loons tokens are gaining traction in the market and attracting significant interest among investors. It’s important to keep an eye on the changes that these new forms of assets will bring and their impact.
- This article is based on a Descript article from https://decrypt.co/227953/bitcoin-meme-coin-dog-336-million-market-cap-runes-airdrop, a leading cryptocurrency industry publication.
