Bitcoin memecoin DOG reached market capitalization 318 million USD after airdrop

DOG· GO· TO· THE· MOON (aka DOG), a memecoin Bitcoin engraved through the newly launched Runes protocol, was airdropped to the Runestone Ordinals project hodler on Wednesday, instantly making the rookie the most widely held Runes token with nearly 74,000 hodlers to date.

Source: Luminex

Co-creator of DOG· GO· TO· THE· MOON Leonidas said a total of Rune 100 billion with a dog theme was airdropped into eligible wallets. Wallets containing inscription Runestone Ordinal — which fall down to 112,383 in March — have received new Runes tokens.

The top 5 wallets hold nearly 10% of the total DOGE supply, of which the largest holds 6.7 billion tokens, accounting for about 6.65% of the total engraved. On the secondary market, DOG· GO· TO· THE· MOON has a floor price of 5.28 sats or worth about 0.003 USD.

On the Magic Eden Runes market, Runes recorded a one-day trading volume of 88.08 BTC, or about USD 5.6 million. The total volume transactions since Wednesday's launch is estimated at USD 10 million. According to Magic Eden, DOG's current market capitalization is about 318 million USD.

Source: Magic Eden

Other Rune collections that will have a large hodler count include:

• RSIC· GENESIS· RUNE with 21,938
• Z· Z· Z· Z· Z· FEHU Z· Z· Z· Z· Z with 21,382
• SATOSHI NAKAMOTO with 19,655
• BITCOIN· PEPE •MATRIX with 16,601

The curiously long names stem from the minimum bridge encryption in protocol Runes to prevent duplicate naming and will gradually be shortened over time as more blocks Bitcoin are processed.