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Runecoin, a token engraved using the new Bitcoin Runes protocol and associated with the famous RSIC metaprotocol Sort them collection, reached a new all-time high price overnight after cryptocurrency exchange OKX announced plans to list the token.
OKX will list Runecoins on Tuesday, April 30, following a 24-hour rewards campaign that allows customers to earn a share of tokens by staking their Bitcoin (BTC) on the exchange platform. Runecoin will be the first Rune token listed by the centralized exchange, albeit that of OKX peer-to-peer “Web3 marketplace”. already supports Rune token exchanges.
After the announcement, the price of Runecoin jumped to a new level historical high price of 29 satoshi, or just under $0.02 per token. The sizable supply of 21 billion tokens brings Runecoin’s market capitalization to $316 million at the current price of 24 satoshis, down from its overnight peak. It is the most traded Rune token in the last 24 hours, according to OKX and Magic Eden.
OKX is putting up 1.75% of the total supply, or 367,500,000 tokens, for the one-day rewards campaign, allowing OKX customers to earn a share of the token before trading begins on the exchange on Tuesday. The OKX “Jumpstart” campaign is similar to Binance’s “Launchpool”. helping expose new coins to cryptocurrency traders while providing benefits to users of the exchange.
The Bitcoin Runes protocol was launched on April 19 along with the latest Bitcoin halvingthe four-year event that halves the amount of BTC earned by miners.
The Runes protocol, which enables the creation of fungible tokens (often “meme coins”) on the Bitcoin blockchain, was created by Sort them the inventor of the Casey Rodarmor protocol. Many tokens have already been launched on Bitcoin through experimentation BRC-20 protocolwhich was built on top of Ordinals last year, but Runes is said to be a more efficient implementation.
Centralized exchanges, which typically require identifying information from users, unlike a decentralized exchange (DEX), have been ready to embrace the new protocol. Gate.io has listed some of the most notable Runes tokens in the first couple of days after launch, and now OKX is about to list its first with Runecoin.
“This is a monumental achievement, marking the first listing of a Bitcoin rune on a leading exchange. This huge step is in line with Runecoin’s mission to spark adoption, education and innovation of Ordinals, Runes and Bitcoin,” the project said he wrote on Twitter (i.e. X). “This is not only a milestone for our community, but a significant step forward for the entire Runes ecosystem.”
RSIC Metaprotocol is a collection of 21,000 NFTs-like the inscriptions of the Ordinals that were thrown by plane for free in the wallets of various Ordinal collectors in January.
The mysterious project was said to be part of a game where holders could choose to mine tokens, and eventually led to the launch of Runecoin, one of the first 10 tokens engraved via the Runes protocol. Runecoin tokens were then delivered to RSIC holders last week following the token’s launch.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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