The two largest BRC-20 Token have seen a drop of over 40% on the weekly chart, days before the Bitcoin halving. Meanwhile, traders are shifting their focus to Bitcoin Runes, a new Token Standard on Bitcoin that makes it easier for users to create fungible Token .
ORDI and SATS dropped more than 40% before halving
BRC-20 Token Ordinals (ORDI) and Sats (SATS), the two largest BRC-20 Token by market Capital , have seen a significant decline. ORDI is down more than 42%, while SATS is down more than 45% for the week, according to CoinMarketCap data.
BRC-20 Token Sale are also decreasing. According to Non-Fungible Token data aggregator CryptoSlam, sales of PUPS BRC-20 fell 30% in the past 24 hours to $1.4 million, while sales of WZRD BRC-20 dropped 63% to $1. .1 million USD.
On the other hand, the daily sale volume of RUNE BRC-20 Token has skyrocketed more than 4,500% to $251,000, showing that traders are shifting their focus to Bitcoin Runes.
Over the past week, PUPS BRC-20 and WZRD BRC-20 Token were the second and third largest collections by sales volume across all blockchains, respectively. PUPS has accumulated more than $41 billion in sales, while WZRD has accumulated $16.3 million in weekly revenue, according to CryptoSlam .
The growing interest in Bitcoin Runes, a new protocol for Token Issuance on the Bitcoin network, may be due to its upcoming launch, which is expected to launch alongside the halving. Bitcoin this weekend.
According to decentralized finance (DeFi ) researcher nicknamed Ignas, who wrote in an X post on April 17, despite the growing interest, the real market opportunity for Runes has could come just months after the first wave of investor hype subsides:
Runestone, RSIC and PUPS have been pumped, holders promise new Rune Token Airdrop . And the FOMO themes keep coming up. However, like the Non-Fungible Token frenzy, the market may soon cool down.
Rune prices in danger after Bitcoin halving
According to the anonymous researcher, rune prices may drop significantly after the halving, because they do not immediately improve the trading experience of the BRC-20 Token and because small traders may be priced out due to fees. Bitcoin (BTC) transactions are increasing.
Ignas expects hundreds of Runes to potentially hit the market, reducing trader attention and Capital inflows.
Along with the initial lack of utility surrounding Runes, these aspects would make them similar to memecoin trading, according to one researcher.
However, Runes may eventually gain more functionality, which is why Ignas noted that he has been “interested” in Runes for a long time.
Internet Computer Protocol (ICP) is planning to integrate Runes to allow ICP smart contracts to interact with Runes and BRC-20 Token directly on Bitcoin's base layer, opening up more possibilities for holders. property.
ICP 's efforts are part of a new model called Bitcoin DeFi or BTCFi, which aims to create more utility around BTC and Bitcoin-based assets.
