Regardless of what critics say about Bitcoin maximalists and ardent Runes traders, their consistency regarding loyalty is notable.
This raises a question: why has Bitcoin’s leading meme coin ventured into Solana territory?
Earlier this week, the Bitcoin-based token DOG•GO•TO•THE•MOON—commonly referred to as DOG— announced its intention to expand beyond its original network, launching a two-way bridge to Solana developed by Mine Labs. The bridge became operational on Wednesday, enabling Solana users to purchase and trade wrapped tokens that correspond to DOG coins secured on Bitcoin’s layer-1 network.
Following months of stagnant activity and declining fortunes for Bitcoin’s meme coin ecosystem, could this development hint at a capitulation? Leonidas, the pseudonymous creator of DOG, strongly disagrees.
“This expands DOG buy opportunities to a broader audience,” Leonidas stated to Decrypt. “BTC didn’t achieve a $2 trillion market cap by requiring users to download a Bitcoin wallet. DOG is following in BTC’s footsteps.”
In Leonidas’s view, he is simply positioning Bitcoin-related products at the forefront of current trends, as many have done in the past. While centralized exchanges like Coinbase once dominated the scene, it’s now the vibrant Solana DeFi applications taking center stage.
Interestingly, DOG’s entry into Solana coincided with a particularly tumultuous week for the meme coin-focused network. Just last weekend, Argentine President Javier Milei faced controversy for supporting Libra, a Solana token that surged past $4 billion before crashing, leaving retail customers in the lurch while benefiting insiders.
Meanwhile, Dave Portnoy, founder of Barstool Sports, has attracted his own share of attention for allegedly pumping and dumping various Solana tokens while rallying his vast fan base to participate.
It might not be a mere coincidence that even the Trump administration’s increasingly crypto-friendly SEC chose Thursday to unveil a new crime-fighting unit specifically aimed at tackling crypto-related fraud.
DOG’s transition to the Solana meme coin landscape amidst such chaos is hardly by chance. Leonidas noted that if the token had expanded even a month prior, the narrative “would have fallen on deaf ears.”
“The events surrounding Libra have prompted the Solana community to discuss the significance of fair launches—and DOG is a part of that dialogue,” stated Leonidas. “There is a growing appetite for transparent and equitably distributed meme coins like DOG.”
Unlike many trending meme coins, DOG lacks an official team, and no portion of the token’s supply was allocated to its creators. The project’s philosophy is staunchly pro-decentralization, deeply critical of insider-dominated competing tokens that have gained widespread attention by paying often exorbitant listing fees to centralized exchanges.
Recently, DOG nearly reached a $1 billion market cap in December but has since dropped below a $300 million valuation. Currently, it is accessible only through select centralized exchanges—not through major platforms like Coinbase, Binance, or even Robinhood.
This might be because many exchanges are still hesitant to list Bitcoin Runes, which have confounded potential traders with their complexities. Moreover, DOG has opted out of the listing fees game.
In any case, for Leonidas, DOG’s launch on Solana this week signifies the beginning of a mission to directly engage with the broader audience and aligns seamlessly with Bitcoin’s foundational purpose.
“We are heading towards an on-chain future where we will not need to seek anyone’s permission for DOG to be tradable,” the developer expressed.
Edited by Andrew Hayward
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