Runes volume rises with Bitcoin gaining meme 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 the Bitcoin (BTC) blockchain, allowing the network to utilize meme coins and other fungible projects.
“Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure […] the protocol is self contained and has no dependencies on ordinals or inscriptions, making it extremely simple”, Casey Rodarmor, the creator of Runes and the BRC-20 protocols, said in a tweet.
Rodarmor took Rune #0, the genesis Rune, as he didn’t want high transaction fees fighting over the first Rune, which has the name UNCOMMON•GOODS. According to Magic Eden, Runes are numbered in chronological order in which they are etched or minted and have distinct symbols to differentiate each Rune.
The most hyped Rune with a 24-hour trading volume of $5.9 million is Rune #3, DOG•GO•TO•THE•MOON, which has a current price of $0.0032. This collection was airdropped to holders of the Runestone BRC-20 token post-halving, which reached a peak floor of $5,890. DOG•GO•TO•THE•MOON currently has a $354 million market cap, with a cult-like following on X due to it being the first Rune meme coin 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 $211 million market cap. RSIC is an initiative to mine Rune coins as a game with different seasons and a leaderboard for top miners.
Rune #6, SATOSHI•NAKAMOTO, has a 24-hour trading volume of $618,300 and has a $79.4 million market cap. The price currently sits at $3.78 and even has a 21 million supply, paying homage to Satoshi Nakamoto, the inventor of Bitcoin.
According to Magic Eden, five days post-halving, the Runes protocol has already generated a $650 million market cap and millions in revenue for Bitcoin miners.
