Bitcoin’s increasing popularity boosts the usage of meme coins, leading to a surge in Runes volume.
Following the fourth halving event, there has been a significant surge in trading volume for Runes, which has created a new market for Bitcoin with meme coins. Runes are fungible tokens on the Bitcoin blockchain that allow the network to utilize meme coins and other fungible projects. The creator of Runes and the BRC-20 protocols, Casey Rodarmor, described the protocol as simple, efficient, and secure, with no dependencies on ordinals or inscriptions.
Rodarmor specifically chose Rune #0, the genesis Rune, to avoid high transaction fees associated with the first Rune, which is named UNCOMMON•GOODS. Each Rune is numbered in the order they are etched or minted and has a unique symbol to differentiate it from others, according to Magic Eden.
One of the most popular Runes is Rune #3, DOG•GO•TO•THE•MOON, which had a trading volume of $5.9 million in the past 24 hours and is currently priced at $0.0032. This Rune was airdropped to holders of the Runestone BRC-20 token after the halving, which reached a peak floor value of $5,890. DOG•GO•TO•THE•MOON now has a market cap of $354 million and has gained a fervent following on X due to being the first meme coin on the Bitcoin network.
Rune #8, RSIC•GENESIS•RUNE, is priced at $0.0103, with a 24-hour trading volume of $1.12 million and a market cap of $211 million. RSIC involves mining Rune coins as a game, with different seasons and a leaderboard for top miners.
SATOSHI•NAKAMOTO, Rune #6, has a 24-hour trading volume of $618,300 and a market cap of $79.4 million. Its current price is $3.78, and it has a supply of 21 million, paying tribute to Satoshi Nakamoto, the creator of Bitcoin.
According to Magic Eden, just five days after the halving, the Runes protocol has already generated a market cap of $650 million and has provided significant revenue for Bitcoin miners. The US Securities and Exchange Commission (SEC) has also postponed its decision on spot Bitcoin ETF options.
