Todays Top Stories

Editor: @PhoenixxDown

Is $DOG Ready to Break the Ceiling?

It just feels like it’s a matter of time until $DOG hits that all-elusive $1 billion market cap.

It’s come tantalizingly close this past week, leading up to the Magic Eden airdrop where traders were front-running a potential injection of liquidity into the ecosystem. While that didn’t happen to the scale many thought, DOG has maintained its position and continues its push forward.

It’s so close, in fact, that I am writing this in fear that it breaks $1b before we have time to publish!

At the time of writing, the leading Rune sits at 9.539 sats per DOG, equating to a $957 million market cap. Just yesterday, it came within a whisker of crossing the mark, agonizingly stopping short at $999 million.

Astonishingly, DOG is doing this without any Tier 1 CEX listings. For context, if we look at Moo Deng on Solana—a meme that not only took the entire world by storm for a period of time but also boasts being listed on Coinbase—its all-time high is $680 million.

The Tier 1 listings may not be far away, though.

So far, DOG has amassed the most CEX listings of all Runes, with Gate, MEXC, Bitget, and several others stepping up to meet demand. It seems like only a matter of time until Kraken, Bybit, and Coinbase follow suit. The argument that the infrastructure isn’t ready seems invalid, considering the aforementioned Tier 2 and Tier 3 exchanges have managed to make it work.

On that note, it appears OKX is primed to do the needful:

According to CoinGecko, Gate.io has accounted for over 50% of all DOG trading volume in the past 24 hours. Here’s how things looked over there in the order book this morning:

The sell walls just after DOG breaking this huge milestone are thicc. If it can push through them right after hitting $1 billion, then all bets are off—it’s game time for the Runes ecosystem.

Meanwhile, the approach taken by Leonidas to publicly call out the “corruption” in listing processes has split opinion. Some believe he’s burning bridges by doing so, while others see it as a rightful stand against the shady practices that plague the space. No doubt, it’s perplexing to see $50 million market cap tokens no one has heard of getting listed over a clear leader on Bitcoin.

It looks like Leonidas and the DOG community are on the precipice of making it happen by making DOG too big to rig.

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Todays Markets

Another Wednesday Check-In With @CryptoLandy:

Ordinals

Nothing too drastic happening in the Ordinals markets today. Some slight decreases as Bitcoin pumped back over $100K again, diverting attention elsewhere.

Loboverse successfully minted out and is currently sitting at about a 2x over mint price for whitelisted participants, and around 1.5x for those who minted during the public phase.

The same story is playing out in the bottom half of the top 10.

Natcats are maintaining well above 0.02 despite the double-digit percentage decrease. CENTS continues to impress, holding steady at 0.015.

Quantum Cats have depegged slightly, dropping to 0.199 from 0.2.

It’s boring, sideways action for now, but at least we’re not nuking into Hades!

Runes

As mentioned in our headline story, DOG remains very close to the promised land.

Billion Dollar Cat ($BDC) has been taken below the 100 sats mark it had long established as its floor. After some digging into the cause of the sharp decline, community members humorously noted, “A whale shit himself.”

BDC still has a lot of large holders sitting on extreme profits, so moments like this—where they forego the potential for higher gains by selling at basement prices—will occur from time to time. Is it smart? That’s debatable.

Other Runes like GIZMO, PUPS, and CYPHER round out the remaining top five. These Runes have solidified themselves as the established leaders for now.

The bottom half sees another green day for SHREK, which has now crossed the $1.5 million market cap milestone.

LOBO, I’m pleased to report, didn’t die immediately after the Ordinals PFP mint and has maintained its position slightly above yesterday’s price.

RSIC stays steady at 3.133 sats, essentially its floor. With all the buzz surrounding DOG at the moment, it must sting for RSIC holders to see what could have been.

Still, these are two very different projects, despite both being the OGs of Runes. RSIC’s comeback will likely look very different from DOG’s.

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