DOG, the latest meme coin sensation is grabbing attention in the crypto community as it’s just $42 million away from reaching a monumental $1 billion market cap. If achieved, the token will become the first meme coin to accomplish this without a single tier-1 CEX listing. DOG so far has flipped another leading token BOME to become the seventh largest memecoin in the world.
Fuelling the hype is popular YouTuber Crypto Recruit boasting a subscriber base of 366k, who released a new 10-minute video where he announced his investment in the coin, further amplifying DOG’s visibility and appeal. The token’s sudden rise to prominence has led experts to delve into the volatile world of meme coins where two variables stand out: mindshare and liquidity.
Runestone project and Ordinals developer Leonidas describes DOG as having the mindshare of a $25 billion meme coin and the liquidity of a $25 million. “When every other memecoin says this it’s not true because they are on smaller testnets but $1 billion is FUD for DOG as the token is on a chain with $1.3 trillion of liquidity.” This robust foundation puts the meme coin in a favorable position with enthusiasts betting on a $100 billion market cap as the future target.
DOG $100B Market Cap Outlook
When a meme coin becomes popular, it sparks a debate about its utility. However, not all of these tokens are designed for the crypto enthusiasts who are currently purchasing them. Some of them might be curated to appeal to the average person who loves cute puppies and has heard of Bitcoin. DOG likely seems to fit into the latter category and the fact that it is a Bitcoin Rune token fits the narrative.
He also believed that the token’s success could pave the way for other meme coins, or “Runes,” to achieve similar heights. “I predict that a Rune which has not been etched yet that has no premine and a mint cap of >1M will be one of the next Runes to hit $1B. Other than free and fair airdrops this is the best and most fair way to distribute a Rune. We’ve been cooking some fun stuff for Rune minting on,” Leonidas added.