DOG is running ahead of the pack as the clearest short-term leader among Bitcoin Runes. This new type of token launched just a few days ago, produced its first group of tokens, most dedicated to memes.
DOG-GO-TO-THE-MOON, the Bitcoin-based answer to Doge-meme tokens, is still a comparatively small asset. But its rapid pace of expansion is drawing attention. Bitcoin Runes also challenge the maximalist narrative, in which the leading blockchain is mostly a store of value.
DOG is trading at only $0.00377, after going through lows under $0.002. The most widely traded Rune will have to recover its all-time high of $0.0049, which arrived soon after initial trading.
Runes Build Up Hype, Still Fight for Volumes
Runes are now trying to take up social media, copying the successful meme token model. In the past few weeks, rune trading also grew, reaching a daily volume of around $30M, of which $20M is just DOG trading.
Total market cap for rune tokens is also mostly due to the success of DOG. Other valuations go as low as $62,000. Only a few Runes are listed, though more can be created under the radar. DOG is paving the way for other assets to grow their infrastructure and draw traders’ attention.
Also read: Runes launch triggers economic windfall for Bitcoin miners
In total, the initial hype led to the “etching” of more than 40,000 new tokens, with more than 3M transactions. The market value of those assets, or the use cases, remain unknown, and most new Runes may never see the light of day.
The creator of the Runes protocol, Casey Rodarmor, recently pointed out the growing market cap of Runes, which is still trying to move closer to a total of $1B valuation for all assets.
Rodarmor is also encouraging meme-type assets, which often serve to popularize new trends and lead to building new infrastructure.
Are Runes Here to Stay Because of DOG?
Bitcoin-based token assets are fighting for recognition. In the past year alone, the market had to absorb ordinals, RGB tokens, and some attempts at Taproot tokens.
Runes arrived relatively late as a new standard that does not overload the actual blockchain while also offering a secure record. Despite the lightweight solution, soon after their launch, skeptics were willing to say that Runes were dead. But the DOG price rally is reviving the Runes hype.
In the past few days, there have also been hints at a queue to buy more DOG in the expectation of extending the rally.
DOG is still a new and untested asset, and its biggest setback is the lack of reliable markets. In the early stages of Rune trading, early adopters may find themselves unwilling holders, without the infrastructure to flip their holdings quickly.
DOG Gained Several Listings
DOG is also the experimental rune to be listed on a series of exchanges. Initially, OKX Runes was the first market to welcome the new assets.
Later, DOG added pairs on Gate.IO, which also hosts more than 90% of all trading. New listings also included Bitget and Bitmart.
Also read: Will Meme Tokens Rally Again? Whales are Bullish on These Cryptocurrencies
Runes may get their own decentralized ecosystem, but in the early stages will still rely on centralized listings. In the case of DOG, there is hope of reaching big exchanges, including Binance and Kraken.
The general interest in Runes does not guarantee a listing on those exchanges.
DOG Drives the Popularity of the Runes Protocol
Runes are also successful in displacing other Bitcoin-based tokens. The new meme asset is also disruptive, potentially derailing the recent leader, BRC-20 tokens.
The appearance of Runes is visible on the transaction count, as the new type of asset quickly took over.
Runes have been out for a little more than a month, and will have to defend their new trend. At this point, DOG may serve to revive the standard and possibly lead to new applications.
Cryptopolitan reporting by Hristina Vasileva
Source: https://www.cryptopolitan.com/top-dog-bitcoins-rune-rallies-eyes-listing/