The Bitcoin-based meme coin, DOG•GO•TO•THE•MOON (DOG), has taken a spectacular leap to highs not witnessed since June of this year, amidst the swirling speculations about a potential futures listing on Binance.
The popular coins, DOG, Pups•World•Peace (PUPS), and Billionaire•Dollar•Cat (BDC), are reportedly undergoing review, as per the latest update from Bitcoin Ordinals explorer Ord.io. Screenshots of the token’s nomination have been shared by users on X, further fuelling the discussion.
However, Binance has not yet confirmed this speculation. Decrypt’s request for confirmation from Binance remains unanswered. This comes on the heels of a Kraken futures listing for DOG on November 15, which triggered a substantial run over the weekend and sparked conjectures for additional listings across other significant exchanges.
The market’s reaction to these developments has been nothing short of frenzied, with the token soaring 88% on the week to $0.007. On the other hand, PUPS and BDC have recorded a 31% increase and a 1% decline respectively, over the same period.
Dog-themed meme coins, including Dogecoin and those based on the Solana and Ethereum blockchains, are currently enjoying a surge in popularity, with many trading above multi-month highs. The Republican party’s recent victory in the Whitehouse has significantly contributed to this trend. Many traders anticipate a favorable policy for digital assets under the incoming administration of President-elect Donald Trump.
DOG is a meme-inspired crypto token based on the Bitcoin blockchain, using the Runes protocol. Launched in May 2024, DOG was airdropped to the holders of the Runestone Ordinals project and quickly became the most widely held Runes token.
In the Bitcoin’s fungible token market, BRC-20 tokens have surpassed Runes, accounting for 55% of all transactions compared to Runes’ 45%, marking a shift in the trend over the last 30 days. In contrast, Runes had a 94.7% dominance against BRC-20 tokens on October 17, as revealed by a Dune dashboard.
With a market capitalization of $791 million, DOG has also secured the top position on the Runes trending leaderboard, based on data from UniSat.
Bitcoin meme coins have undergone significant changes over the past year, particularly with Casey Rodarmor’s introduction of the Ordinals protocol. This new protocol paved the way for Runes. Rodarmor has previously described this as a platform for people “to create shitcoins” and anything else they can think of, and it is within this space that DOG was conceived and later emerged as a standout performer.
“DOG lives at the intersection of the two major narratives this cycle, which are meme coins and Bitcoin,” the pseudonymous creator of the token, Leonidas, told Decrypt. “Solana and Ethereum both have dog coins that are equivalent to 3% of the value of the chain’s native currency. Many people are therefore anticipating a similar phenomenon to play out between DOG and Bitcoin,” he added.
