Memecoins
Bitcoin Runes Not Immune to Meme Coin Lull
It seems that the market of BitcoinRune-based meme coins are not immune to the headwinds that are shaking similar assets, as the prices of many top Rune tokens have fallen alongside other meme coins.
When the Runes Protocol launched in AprilZ•Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z emerged as the first asset of the protocol, “engraved” initially in the middle of a a multitude of other tokensWith a current market cap of $1.3 billion, its price has fallen 43% over the past month to $12.66, according to data from Magical Eden.
DOG•GO•TO•THE•MOON and RSIC•GENESIS•RUNE, carrying names just as longhave also faced pressure during the recent lull, with prices falling 20% and 53% over the past month, respectively.
A feeling of discontent was noted on Twitter (aka X) by the marketing director of NFT Wassies collection, Hillary Sims, who argued that Runes fans are starting to look desperate.
“I have all the best runes, but I can also understand why people are turned off by this ecosystem,” Sims said. wrote“A bunch of grown men are yelling at you to buy their parts because it’s better.”
Much like Runes’ performance, it was also a tough month for meme coins on other networks, which often trade on little more than vibes. SolanaLondon-based Dogwifhat (WIF) has fallen 43% over the past month, for example. 31% drop scuttled the Ethereum– based on Pepecoin (PEPE).
Pepecoin is known as an ERC-20 token. The standard for fungible tokens on Ethereum was adopted in 2017, supporting stablecoins on Ethereum like Tether.
“You knew the vapor you were buying was literally worthless,” crypto influencer Gainzy said wrote On Wednesday, he compared the fall in cryptocurrencies to that of cryptoassets that fell in 2018. Back then, however, investors believed that the projects they were investing in had some utility, he added. There were no such illusions this time, he suggested.
Once seen as a meta-commentary on the cryptocurrency industry’s lack of utility, meme coins have seen a surge in popularity this year as assets that are easy to launch and understand, and can generate wild gains as easily as brutal losses. has a hat. This dog is cute. Yet, with runes, the concept was comparatively a bit more nuanced.
Created by developer Casey Rodarmor, Runes followed the launch of Ordinals Last year, a protocol that instantiated a bustling market for Bitcoin based collectibles. As Bitcoin does not have the ability to host smart contractswhich implies NFT On other chains, Ordinals has been seen as a new way to leverage the oldest cryptocurrency coin, which has been met with some degree of controversy.
“For now, the only selling point I see [for Runes] Is it: “Buy this bag because it makes these other people crazy?” Sims wondered.
While there have been several spikes in activity, the share of Bitcoin transactions involving runes has also declined over the past month. Accounting for about 16% of Bitcoin transactions a month ago, the current ratio stood at about 5% on Tuesday, according to a report from Dune dashboard.
Yet within the rune ecosystem, some of the top performers have seen significant gains. Ranking as the third largest rune by market cap, the price of BAMK•OF•NAKAMOTO•DOLLAR (yes, “BAMK” and not “BANK”) has has rallied 157% over the past month to $0.0054.
Edited by Andre Hayward
The views and opinions expressed by the author are provided for informational purposes only and do not constitute financial, investment or other advice.