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DOG•GO•TO•THE•MOON Airdrop Surpasses 74,000 Holders
DOG•GO•TO•THE•MOON (DOG), a unique Bitcoin meme coin created through the innovative Runes protocol, experienced a significant milestone on Wednesday. The token was airdropped to holders of the popular Runestone Ordinals project, instantly propelling it to become the most widely held Runes token to date.
According to data from the minting and etching platform Luminex, the number of DOG holders surpassed 74,000 on Wednesday, marking a substantial achievement within the Runes ecosystem. This milestone solidifies DOG as the leading token in terms of holder count since the recent launch of the Runes protocol. Following closely behind is RSIC•GENESIS•RUNE, with nearly 22,000 holders.
The Airdrop Strategy
On Wednesday, the co-creator of DOG•GO•TO•THE•MOON, known as Leonidas, revealed via Twitter that a total of 100 billion dog-themed Runes were airdropped to eligible wallets. These wallets had previously received Runestone Ordinal inscriptions in March. As a result, the new Runes tokens were distributed to a wide network of participants, further expanding the DOG community.
Among the top five wallets holding DOG, nearly 10% of the total supply is concentrated, with the largest wallet containing 6.7 billion tokens, equivalent to approximately 6.65% of the overall etched tokens. In the secondary market, DOG•GO•TO•THE•MOON is currently priced at 5.28 sats, the smallest denomination of Bitcoin, translating to around $0.003 worth of BTC.
Leonidas emphasized the importance of checking wallets for the airdropped tokens and acknowledged the efforts of community member @gm7t2 for flawlessly executing the distribution. The community’s excitement is palpable, with discussions already speculating on the future surge of DOG towards the $1 mark.
Market Performance and Capitalization
Despite its relatively low individual token value, DOG has demonstrated robust trading activity on platforms like Magic Eden. The puppy-themed Rune has already generated a one-day volume of 53.1 BTC, equivalent to around $3.4 million. The total trading volume post-launch has reached an estimated $10 million, indicating strong market interest and participation.
According to Magic Eden, the current market capitalization of DOG•GO•TO•THE•MOON stands at approximately $336 million, further cementing its position as a notable player within the Runes ecosystem. Other Runes collections with significant holder counts include RSIC•GENESIS•RUNE, Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z, SATOSHI•NAKAMOTO, and BITCOIN•PEPE•MATRIX.
The distinctive names assigned to these tokens are a result of the minimum length requirement mandated by the Runes protocol, aimed at discouraging name squatting practices. As the network continues to process more Bitcoin blocks, this length requirement is expected to gradually decrease, allowing for greater naming flexibility.
Conclusion
The airdrop of DOG•GO•TO•THE•MOON and its subsequent surge in holder count signify a significant development within the Runes ecosystem. The enthusiastic response from the community, coupled with the token’s impressive market performance, underscores the growing popularity and utility of meme coins within the broader cryptocurrency landscape.
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