Following Bitcoin’s fourth halving, trading volume within the Runes ecosystem has surged, marking the emergence of a new sector within Bitcoin’s domain, particularly focused on meme coins.
Runes represent a fungible token protocol operating on the Bitcoin (BTC) blockchain, enabling the network to accommodate meme coins and other fungible projects seamlessly.
Casey Rodarmor, the creator of Runes and the BRC-20 protocols, emphasized the protocol’s suitability for “degens and memecoins,” highlighting its simplicity, efficiency, and security. Rodarmor’s decision to claim the genesis Rune, UNCOMMON•GOODS, as Rune #0 aimed to circumvent high transaction fees associated with the first Rune. Runes are sequentially numbered based on their creation order and feature distinct symbols for easy identification.
Among the most talked-about Runes is Rune #3, DOG•GO•TO•THE•MOON, boasting a 24-hour trading volume of $5.9 million and a current price of $0.0032. This Rune, airdropped to Runestone BRC-20 token holders post-halving, has amassed a $354 million market cap, drawing a fervent following due to its status as the first Rune meme coin on Bitcoin.
RSIC•GENESIS•RUNE, Rune #8, priced at $0.0103, with a 24-hour trading volume of $1.12 million and a $211 million market cap, is part of an initiative to gamify Rune coin mining, featuring seasonal variations and a leaderboard for top miners.
Rune #6, SATOSHI•NAKAMOTO, with a 24-hour trading volume of $618,300 and a $79.4 million market cap, pays homage to Bitcoin’s creator, Satoshi Nakamoto, with its price currently at $3.78 and a supply mirroring Bitcoin’s 21 million.
Magic Eden reports that just five days post-halving, the Runes protocol has generated a market cap of $650 million and delivered substantial revenue to Bitcoin miners, underlining its growing influence within the crypto ecosystem.
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