The very first time ever, the collective market capital of tokens around the Bitcoin-based Runes protocol has eclipsed $2 billion, further upending the narrative the novel ecosystem for meme coins built around the Bitcoin network is accurate arrival.
At writing, tokens on Runes have a very collective worth of $2.06 billion, based on Bitcoin data analytics platform GeniiData. Just a week ago, that figure entered $1 billion the very first time.
The boost in value seems largely due to one Runes token particularly, DOG•GO•TO•THE•MOON (also known as DOG). DOG has surged over 90% within the last week, to some cost that also remains a part of a cent. Its market capital now is a commanding $797 million—making it the ninth best meme gold coin across all blockchains, based on CoinGecko.
Runes’ recent boost in value seems to become something of the blessing for Runes creator Casey Rordamor, who formerly launched the NFT-like Bitcoin Ordinals inscription protocol this past year.
Before the debut of Runes plus the Bitcoin halving on April 19, Rordamor tweeted—jokingly, we presume—that he’d commit ritualistic suicide if Runes didn’t hit a $1 billion market cap inside a month of launch.
It appears the Bitcoin developer got his wish—just barely. Runes broke a $1 billion total market cap only a previous day Rordamor’s self-enforced deadline, based on GeniiData. Since that time, the protocol has surged in a outstanding pace, greater than doubling in value within a few days.
when the runes ecosystem marketcap does not hit one billion dollars within 30 days of launch i’ll commit seppuku
The final couple of days have introduced an especially pronounced bump in Runes activity, with daily transaction volume around the protocol approaching $20 million on Wednesday and Thursday the very first time because the week of Runes’ launch in April.
The surge comes just like many in the market have wiped off Runes like a failure, because of the sky-high expectations connected using the protocol’s seductive pitch of streamlining how meme coins—a red-hot asset category—can be produced on the top from the world’s dominant cryptocurrency.
Just before Runes’ apparent comeback within the last two days, transaction volume for that protocol plummeted over 90% following a short-resided blockbuster debut.
The views and opinions expressed through the author are suitable for informational purposes only and don’t constitute financial, investment, or any other advice.
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