Key Takeaways
- Bitcoin Runes launched at the same time as the Bitcoin halving on April 24, 2024.
- Runes are altcoins built or inscribed directly onto individual Satoshis through the Runes protocol.
- Bitcoin dominance remains high at 58.7%, with the Fear and Greed Index pointing to “Extreme Greed” for over a week.
Bitcoin-based memecoins, otherwise known as Runes, are finally capturing some of BTC’s market gains as the rally behind Satoshi begins to wind down.
Bitcoin Memecoins
As per data from CoinGecko, the Bitcoin memecoins are skyrocketing, raising their collective market cap by 26.8% to $1.44 billion as traders swap out BTC profits for their chances in the Runes market.
Runes with market caps exceeding $100 million have experienced significant gains. DOG•GO•TO•THE•MOON (DOG) leads the pack with a $730.6 million market cap, gaining 67.4% in the past 7 days. PUPS•WORLD•PEACE (PUPS), commanding a market cap of $351 million, gained 21.8% in the last week.
BILLION•DOLLAR•CAT (BDC), the only other Rune with a market cap exceeding $100 million, is also up an impressive 28.1% in the last 24 hours and 10.6% for the week.
Lesser-known tokens with market caps around the $10 million mark have also relished double-digit gains in the past 24 hours. Notably, BITCOIN•BRO•BEAR (BRO) is up 51.9%, and having launched on Nov. 14, already commands an impressive market cap of $11.7 million.
BTC In Charge
Bitcoin’s rally above $90,000 has prompted renewed faith in the crypto market overall. Since Trump’s U.S. Presidential Election victory on Nov. 6, over $500 billion has been poured into crypto, raising the entire market cap to over $3 trillion.
Naturally, BTC’s market cap of $1.79 trillion puts it in an increasingly dominant position. Interestingly, Ethereum has, for the most part, underperformed amid this bullish sentiment, as it appears traders are more drawn to Solana (SOL) memecoins, as well as Bitcoin runes.
Bitcoin Runes began as a novel means of inscribing data onto individual Satoshis, which can transform them into altcoins or non-fungible tokens (NFTs). This development appears to have garnered over a billion dollars worth of confidence, which may continue to rise alongside BTC.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
