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Less than 0.5% of Runes tokens have been successful, the analyst points out
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Since the launch of Runes, less than 0.5% of meme coins created using this protocol have been “successful.” Guiriba, a crypto analyst at Brazilian research firm Paradigma Education, shared on X that only 77 meme coins out of the over 20,000 tokens launched have more than 500 owners.
Guiriba describes that the two most common ways to acquire Runes meme coins are via airdrops given to non-fungible token (NFT) holders or by minting them under a “fair launch” model, open to anyone interested.
“In the second category, traders can find meme tickers at low prices, and it all depends on Bitcoin fees. An example was SATOSHI NAKAMOTO: 1 mint of 100 tokens cost 300 dollars and the next day it rose to 900 dollars. Today they are traded at $270,” Guiriba explained.
However, only 46 fairly launched tokens captured over 500 holders, representing just 0.2% of the 20,000 tokens used in the research. The most successful meme coins in this group are “SATOSHI NAKAMOTO” and “FEHU”, which have a market capitalization of over $100 million and were the first two tokens launched fairly using the Runes protocol.
The runes are a new fungible token standard for the Bitcoin ecosystem created by Casey Rodarmor, the developer behind the Ordinals protocol. It was activated in the first block after the Bitcoin halving, which occurred in the early hours of April 20.
The Paradigma analyst also tracked airdropped tokens for NFT holders, identifying 31 of them. Additionally, Guiriba pointed out that the price of these NFT collections dropped significantly after the airdrop snapshot was announced.
“Adding fair-launched meme coins and air-launched tokens to the pre-Runes NFT collections, there are only 77 tokens with over 500 holders among over 20,000 designs. This is approximately 0.4% of the total analyzed.”
Despite the apparent failure of the Runes Protocol, Guiriba points out that this protocol is just over a week old and lacks infrastructure and merchants. As centralized exchanges list these assets and increase their volume, through liquidity and better interfaces, the number of tokens with 500+ holders may change.
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