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

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As a seasoned crypto investor with a keen eye for emerging trends, I’ve witnessed my fair share of meme coins that have skyrocketed to fame only to crash and burn just as quickly. However, the recent price rally of DOG-GO-TO-THE-MOON has piqued my interest.

As a crypto investor, I’ve noticed some significant gains in the past 24 hours for DOG-GO-TO-THE-MOON, a Bitcoin meme coin. Its price has spiked by over 20%, reaching an impressive $0.0095. This surge has brought its market capitalization closer to the billion-dollar mark. Additionally, the daily trading volume has experienced a massive increase of more than 150%, now hovering around $90 million.

Dog.go.to.the.moon Price Rally

On April 24, 2024, DOG•GO•TO•THE•MOON, commonly known as DOG, made its debut as a cryptocurrency, utilizing the groundbreaking Runes protocol. In just a short time, this token gained immense popularity and became the most desirable on the Runes platform.

The reason for DOG’s swift rise can be attributed to a well-planned airdrop campaign. Kick-started with great fanfare, developers distributed 100 billion DOG tokens on the launch day among over 75,000 owners of the prestigious Runestone Ordinal NFTs.

As a researcher studying the financial markets, I would describe this strategic move as follows: My findings indicate that this tactic significantly boosted DOG’s market value to unprecedented levels, solidifying its place as a pivotal asset within the Runes ecosystem.

A dog flourishes under the Rules of the Runes Protocol in the Bitcoin system, enabling effortless transactions between Bitcoin’s base layer, second layers, and several centralized exchanges (CEXs).

What’s Ahead for Bitcoin-based Meme coin ?

The chart for Dogecoin (DOG) shows that it’s trying to dip beneath its current support level at the hourly rate. Yet, optimistic investors believe that DOG will bounce back in the upcoming hours. If DOG manages to sustain its upward trend above $0.0084, it may ignite a bullish surge towards $0.01.

As a researcher studying the DOG market, if the bulls are unable to push the price upward, there’s a chance that DOG’s value may drop below the support level at $0.0064. This could mark the beginning of a bearish trend heading towards $0.0045. The upcoming hours will play a significant role in shaping the direction of DOG’s price movement.

Leonidas, the creator of Ordinals, proposes an intriguing idea: Satoshi Nakamoto might be aware of the current meme coin craze. If DOG manages to join the exclusive ten-digit club, it will share the limelight with esteemed meme coins like BONK powered by Solana, 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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2024-06-04 12:24