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

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 is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.