Memecoins
Rune Volume Increases as Bitcoin Gains Coin Utility
Since the fourth halving, Runes trading volume has exploded, opening up a new sector for Bitcoin with meme coins.
Runes are a fungible token protocol on Bitcoin (BTC) blockchain, allowing the network to use meme coins and other fungible projects.
“Runes were created for degens and memecoins, but the protocol is simple, efficient and secure. […] the protocol is autonomous and does not depend on any ordinal or inscription, which makes it extremely simple”, Casey Rodarmor, the creator of Runes and the BRC-20 protocols, said in a Tweeter.
Rodarmor took Rune #0, the Genesis Rune, because he did not want high transaction fees for the first Rune, which bears the name UNCOMMON GOODS. According to Magical EdenThe runes are numbered in the chronological order in which they are engraved or struck and feature distinct symbols to differentiate each rune.
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– Leonidas (@LeonidasNFT) April 25, 2024
The most publicized Rune with a 24-hour trading volume of $5.9 million is Rune #3, DOG•GO•TO•THE•MOON, whose current price is $0.0032. This collection was airdropped to holders of the Runestone BRC-20 token after the halving, which reached a cap of $5,890. DOG•GO•TO•THE•MOON currently has a market capitalization of $354 million, with a cult following on X because it is the first rune piece of money on Bitcoin.
RSIC•GENESIS•RUNE, Rune #8 is currently priced at $0.0103, with a 24-hour trading volume of $1.12 million and a market cap of $211 million. RSIC is an initiative to mine Rune coins in game form with different seasons and a ranking for the best miners.
Rune No. 6, SATOSHI•NAKAMOTO, has a 24-hour trading volume of $618,300 and a market cap of $79.4 million. The price currently stands at $3.78 and even has a supply of 21 million, paying tribute to Satoshi Nakamoto, the inventor of Bitcoin.
According to Magical Edenfive days after its halving, the Runes protocol has already generated a market capitalization of $650 million and millions in revenue for Bitcoin miners.