The Runes protocol, which was implemented after the halving that took place on the night between Friday and Saturday in Bitcoin, continues to be discussed about its own tokens. One of these tokens, the DOG•GO•TO•THE•MOON (DOG) meme token, which was airdropped to accounts holding Runestone Ordinals as of yesterday, became the number 1 coin on the Runes protocol.

While 74 thousand accounts hold this token, the coin has reached the top within the Runes protocol in this sense. The closest one to DOG token was RSIC•GENESIS•RUNE token with 22 thousand accounts.

Leonidas, who issued the DOG•GO•TO•THE•MOON coin and is known on the X platform with his anonymous personality, stated that 100 billion of this token, with a total supply of 100 billion, was sent to accounts as airdrop. It is also seen that the 5 accounts holding the most DOG have 10% of the total supply.

The lowest value of the token was seen as 5.28 sat. In other words, the token is priced at $0.003 Bitcoin. Despite the low value, there was a volume of 53 Bitcoins, or approximately $3.4 million, in the Magic Eden marketplace.

Why are the names so long?

The length of the names of the tokens issued on the Runes protocol also attracts attention. Apart from DOG•GO•TO•THE•MOON, which was the subject of the news;


There are also coins like.

Coin names are all written in capital letters and being long is a requirement in the Runes protocol. However, every 17,500 blocks, the length requirement for names will decrease by one letter. In other words, as blocks are removed, names can be shortened.

The reason for this is to prevent branded or well-known coins from being copied.

Brian Laughlan, founder of Bitcoin Ordinals startup OrdinalsBot, said, “No one should be able to copy Pepsi in one day,” and argued that this practice is logical.

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