Bitcoin Rune is being seen by investors as a form of meme coin on the Bitcoin chain. This is still a low capitalization area with few options, but the price increase of Bitcoin has driven its own ecosystem.
BeInCrypto has noted many market movements indicating that this area is showing signs of revival. In particular, DOG•GO•TO•THE•MOON (DOG) is a notable bright spot.
Runes' capitalization reaches nearly $2 billion, DOG's capitalization exceeds ORDI
Fundamentally, Bitcoin Rune is a protocol that allows the creation of tokens on the Bitcoin blockchain. Therefore, these tokens can be considered part of the Bitcoin ecosystem.
Data from GenniData shows that the capitalization of Runes tokens has reached nearly $2 billion, doubling in November and nearly quadrupling since September. The 24-hour trading volume of Runes reached $100 million, according to CoinGecko.
Runes' capitalization. Source: GenniData."Runes ($1.88 billion) has officially surpassed BRC-20 ($1.85 billion) to become the #1 fungible token standard on Bitcoin" - Ord.io commented.
In particular, DOG•GO•TO•THE•MOON (DOG) is the leading token in the ecosystem, with over $850 million in capitalization. DOG recorded a 15% increase today, and its capitalization has surpassed ORDI (ORDI). From the beginning of the month to date, the price of DOG has increased by 160%, currently trading around $0.0088.
However, if we compare the capitalization share of Runes in the total Bitcoin capitalization of $1.8 trillion, this figure is still extremely small, accounting for only 0.0011%. Investor @wrapd_btc has compared this share to the share of Solana meme coin capitalization in the total Solana capitalization.
"We're approaching a $2 billion capitalization for Runes. BTC's capitalization is $1.819 trillion. Meanwhile, Solana memecoins have a $23 billion capitalization, and SOL's capitalization is $116 billion. Do you understand this?" - Wrapd commented.
This comparison implies that Runes still have a lot of room to continue to explode in the future.
Observing the Binance Furure NEXT platform, you will see a number of Runes tokens are being considered for listing (Nomination under review). This is a review status and they are likely to be listed on Binance Future. These tokens include DOG•GO•TO•THE•MOON (DOG), PUPS•WORLD•PEACE (PUPS), BILLION•DOLLAR•CAT (BDC). Recently, DOG has been listed for futures trading on the OKX exchange.
The number of new Runes created does not have much volatility
Although the trading volume and capitalization of Runes have increased, according to BeInCrypto's observation, the number of new tokens created has not seen much volatility. Data from Dune shows that the Runes fever has truly passed since April 2024 and has not really returned yet.
Number of Runes etched per day. Source: Dune.The total number of Runes etched per day remains in the range of 100 to 500, far behind the dozens per day seen in April. Thus, the current interest in Runes may be driven by the increase in Bitcoin price, and investors think of Rune as a meme coin on Bitcoin. But fundamentally, Runes have not yet regained their past explosion.
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