We do the research, you get the alpha!
Get exclusive reports and access key insights on airdrops, NFTs and more! Subscribe to Alpha Reports now and improve your game!
Access Alpha reports
The leading cryptocurrency is on the rise again, as Bitcoin reached its highest price in two weeks and is approaching the highest point seen since April Quadrennial Halving event. This comes as Bitcoin-based fungible tokens like ORDI and DOG are skyrocketing, reflecting growing interest in BTC meme coins.
Bitcoin surpassed the $71,000 mark on Tuesday, according to Coinbase, reaching $71,042. At the current price of $70,885 per CoinGecko, it is up more than 2% on the day, pushing its 30-day rise to 10%.
But some of the largest fungible tokens issued on the Bitcoin blockchain through the BRC-20 and Runes token standards have seen much bigger gains lately, including ORDI, a token that has cooled off in recent months.
ORDI, which was the first token issued last year via the BRC-20 standard on Bitcoin, is up nearly 16% on the day to a current price just below $54. This is the highest price recorded since early April, when BRC-20 assets were largely cooling in anticipation of the crisis. new Runes token protocol launching alongside the April 19 halving.
ORDI has now marked a 33% jump in the past week alone, reaffirming its status as the largest Bitcoin-based fungible token in terms of market capitalization, at $1.13 billion. It is the 92nd largest cryptocurrency overall, according to CoinGecko.
Other BRC-20 tokens also rose significantly more this week, including PUPS (up 121%) and Bitcoin Wizards (WZRD, up 136%). Meanwhile, top token Runes has seen similar gains and could aim for ORDI’s place as the leading Bitcoin coin.
This newcomer is DOG•GO•TO•THE•MOON, aka DOG, which is by far the largest token issued on the Runes protocol so far. It was released free of charge to holders of Runestones—an NFT type Registration of ordinals which itself was dropped for free to early Ordinals collectors – and has since grown by leaps and bounds as it challenges dog-themed coins on other channels.
DOG is now up 11% on the day and its price has more than doubled over the past week, up 120% in seven days. At a current price above $0.0095, DOG has a market cap of $960 million. It’s down about 2% from the all-time high price set earlier Tuesday, but doesn’t appear to have lost momentum as the price rises again.
The token represents a significant portion of the Runes Protocol’s broader market cap, which stands at just over $2.4 billion per data from GeniiData. Runes had an explosive launch in April, but then went cold for weeks. However, in the last two weeks alone we have seen Runes tokens collectively hit then exceed a market capitalization of a billion dollars for the first time.
None of the largest dog-themed coins by market cap have performed this well in recent times. Dogecoin (DOGE) is down almost 2% over the week, the Ethereum-base Shiba Inu (SHIB) fell 6% during this period, and SolanaIt is BONK plunged 21% over the past week.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
Daily debriefing bulletin
Start each day with the biggest news stories of the day, plus original features, a podcast, videos and more.
Fuente
