The meme coin DOG•GO•TO•THE•MOON (DOG) has experienced a remarkable surge in the past month, increasing its market capitalization to nearly $1 billion following a 200% rise. This makes it the largest meme coin on the Bitcoin blockchain and the seventh-largest meme coin overall, trailing behind well-known tokens like Dogecoin (DOGE) which has a market cap of $23 billion.

Key Points about DOG's Rise:

1. Launch and Initial Performance:
- DOG was launched on April 20 during the Bitcoin halving event, becoming known as "Rune Number 3."
- Initially, DOG experienced a significant 60% decline within the first three weeks post-launch.

2. Current Market Performance:
- Despite the initial slump, DOG has seen a substantial rally over the past 30 days, boosting its market cap to nearly $1 billion.
- The recent trading volume for DOG has been substantial, nearing $100 million in the past 24 hours as traders speculate on its potential growth.

3. Technology and Blockchain:
- DOG is issued on Bitcoin's Runes protocol, which aims to provide a more efficient transaction layer compared to the Ordinals Protocol by making transactions cheaper and faster.
- This development helps establish Runes as a legitimate layer-2 network for Bitcoin, despite the generally slower and more cumbersome nature of Bitcoin transactions compared to other blockchains like Solana and Base.

4. Meme Coin Market Dynamics:
- The rise of DOG coincides with increased activity and market cap growth for other meme coins such as SHIB, PEPE, and FLOKI, which have collectively added billions to their market caps since the start of the year.

5. Volatility:
- Like other meme coins, DOG is highly volatile, driven by social media trends and community sentiment rather than intrinsic utility.

The current rise of DOG highlights the increasing interest and speculative activity in the meme coin sector, particularly those built on Bitcoin, which has traditionally been overshadowed by faster and more flexible blockchains for such purposes.

For more information on DOG and its market performance, you can refer to recent reports and data tracking sources like CryptoSlate and CoinMarketCap.