Bitcoin-based meme coin DOG•GO•TO•THE•MOON (DOG) has lept to highs not seen since June as speculation swirls around a potential futures listings on Binance.
DOG, Pups•World•Peace (PUPS), and Billionaire•Dollar•Cat (BDC) are all reportedly under review, according to an update from Bitcoin Ordinals explorer Ord.io, with users on X sharing what appear to be screenshots of the token's nomination.
Binance did not immediately return Decrypt's request for confirmation on that point.
It follows a Kraken futures listing for DOG on November 15, which kicked off a major run over the weekend and fueled speculation for further listings across major exchanges.
That has whipped traders into a frenzy, with the token soaring 88% on the week to $0.007. PUPS and BDC, meanwhile, are up 31% and down 1%, respectively, over the same period.
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Dog-themed meme coins are running in a pack, following the lead of Dogecoin’s (DOGE) incredible rally to three-year highs, bolstered by trading fervor on several favorable tailwinds for crypto. Alpha meme coin Doge rose to a top of $0.29 on Sunday following a break earlier in the day that saw the crypto spike to its highest point since October 30, 2021. The asset is up 27% over the last 24 hours, trading at $0.26, CoinGecko data shows. Several market tailwinds The recent election of President-e...
It comes as dog-themed meme coins, including Dogecoin and those based on the Solana and Ethereum blockchains, are having their time in the sun, with many trading above multi-month highs.
A Whitehouse win by the Republican party has helped drive trader speculation for digital assets in recent weeks as many anticipate favorable policy under President-elect Donald Trump's incoming administration.
What is DOG?
DOG is a meme-inspired crypto token etched atop the Bitcoin blockchain using the Runes protocol. Launched in May 2024, DOG was airdropped to holders of the Runestone Ordinals project, rapidly becoming the most widely held Runes token.
BRC-20 tokens have overtaken Runes in Bitcoin's fungible token market, now representing 55% of all transactions compared to Runes' 45%, showing a reversing trend over 30 days.
For context, Runes had a 94.7% dominance against BRC-20 tokens, as shown on October 17, according to a Dune dashboard.
DOG, whose market capitalization is running at $791 million, also holds the top spot on the Runes trending leaderboard, according to data from UniSat.
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Bitcoin meme coins have changed significantly over the past year with Casey Rodarmor's introduction of the Ordinals protocol, which opened the way for Runes.
Rodarmor previously described it as an avenue for people "to create shitcoins" and whatever else crosses their minds. It is within this space that DOG was conceptualized 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 token’s pseudonymous creator, Leonidas, told Decrypt.
“Solana and Ethereum both have dog coins that are equivalent to 3% of the value of the chain’s native currency so many people are anticipating a similar phenomenon to play out between DOG and Bitcoin,” he said.
Edited by Sebastian Sinclair
