What is Dog (Runes) (DOG)?

The first surge of interest in tokens on the Bitcoin blockchain occurred in 2023 after the launch of the Ordinals protocol and the emergence of the BRC-20 standard. However, later, new protocols, including Runes, appeared on the Bitcoin blockchain with their token format.

What is DOG?

DOG or DOG-GO-TO-TO-THE-MOON is a community-oriented and decentralized memcoin based on the Bitcoin blockchain and the Runes protocol. Unlike many others, the DOG creation team did not hold tokensales (pre-sales) or any distributions to the team. All 100 billion DOG tokens were distributed to 75,000 NFT holders and users of the Runestone wallet (an artifact or inscription in Bitcoin).

Runes is a standard for fungible (FT) tokens similar to BRC-20 and SRC-20. Unlike them, it is not based on the Ordinals protocol but on another platform of the same name. The purpose of the Runes protocol was to simplify and improve the issuance and trading of tokens on the Bitcoin blockchain. The Runes protocol itself was created by the same developer as Ordinals.

DOG was one of the first tokens and memcoins based on the Runes protocol, which is why it quickly became so popular amid the general trend for assets related to famous memes. As of July 2024, DOG is the leading token by capitalization and the most popular token in the Runes ecosystem.

The DOG token belongs to one of the dominant dog-based segments of the memcoin market, along with:

The launch of the DOG token led to the creation of the largest block in the history of the Bitcoin blockchain, numbering 840,000 — it included an inscription (ordinal or artifact) called Blockspace.

Tokenomics, market data, and use cases for the DOG token

DOG has a maximum issuance of 100 billion tokens, which were issued initially and distributed to community members. The DOG-GO-TO-TO-THE-MOON team decided to make a transparent tokenomics without incentivizing individual members of the crypto market (whales and project team members), as well as without pre-sales, insider trading, and hidden distributions — this makes DOG unique among many similar memcoins.

Immediately after listing in April 2024, the DOG token reached a capitalization of more than $200 million, a prominent figure for memcoins. In comparison, the popular memcoin BONK in the Solana ecosystem reached such a capitalization only 11 months after listing. This also says a lot about the current popularity of memcoins among crypto users.

According to data as of July 2024, the capitalization of the DOG token has more than doubled since its launch to $500 million.

DOG tokens even have utilities: for example, users can buy merch for them in the project's official online store (T-shirts, hoodies, mugs, caps, covers, and other accessories).

What are the prospects for DOG?

Memcoins are getting bigger and bigger, and with that comes more competition. However, despite the fact that the DOG token was launched less than three months ago, as of June 2024, it is already one of the top ten memcoins in terms of capitalization and has already surpassed another famous memcoin, BOOK OF MEME (BOME).

Such high capitalization at the start indicates that users are highly interested in new memcoins: this is also confirmed by the dynamics of BOME and BRETT tokens, which, despite their recent appearance, have surpassed in capitalization many well-known memcoins such as:

Memecoin (MEME),
MAGA (TRUMP),
Baby Doge Coin and others.

The DOG token has also surpassed such well-known projects (that are not memcoins) in terms of capitalization, such as:

The popularity of the DOG memcoin is based mainly on community interest: the more users a project has, the more attention it receives, which positively affects the token's dynamics. Memcoins are one of the most trending assets in the crypto market, and the DOG token being among the top ten assets in this segment may ensure future growth if the positive trend continues.

The weaknesses of the DOG project include the lack of detailed technical documentation and project roadmap. In other words, with the lack of this information, it will be much more difficult to predict the dynamics of the project. It will be possible to focus only on the general trend of memcoins, which, according to experts' forecasts, will continue until 2025.