Yesterday, OKX launched the DOG•GO•TO•THE•MOON perpetual contract, which has excited the players in the Bitcoin ecosystem. Not only that, the DOG•GO•TO•THE•MOON deposit channel has also been listed on the OKX client, but it is currently not yet available.
As Bitcoin continues to hit new highs, one question that Bitcoin ecosystem players ask each other every day is "Will the runes go big?", and it seems that the answer is about to come. Although the market's attention and liquidity are still almost entirely focused on Solana, for the "new area" of runes, the opportunity has also gradually matured after a long period of brewing, giving a sense of "everything is ready, just waiting for the right time".
According to Geniidata data, in the past week, the top 10 runes by trading volume have collectively generated nearly $27 million in total trading volume. Among them, DOG•GO•TO•THE•MOON rose by 98.2%, MEMENTO·MORI rose by 44.2%, CYPHER·GENESIS rose by 280%, and PUPS·WORLD·PEACE briefly consolidated after hitting a new high, rising by 10.4%.
If your understanding of the Bitcoin ecosystem is still stuck in the rune frenzy of last year, then since then, the runes have gradually grown to become the top token protocol in the Bitcoin ecosystem. Before OKX officially announced the launch of the DOG•GO•TO•THE•MOON perpetual contract and the suspected launch of its spot trading, the runes seemed to be underestimated by CEXs, retail investors, and even conservative Bitcoin advocates. But in this environment, DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE, BILLION•DOLLAR•CAT and other communities have still grown tenaciously, with market capitalizations exceeding $100 million. At the same time, newcomers like MEMENTO•MORI and CYPHER•GENESIS are also constantly taking over. From having no new issue effect to now having something to play with almost every day, this ecosystem has broken through a total market capitalization of $2 billion without the strong shilling of the entire market's top KOLs, and its stability and robustness may only be second to Solana and ETH.
So in this ecosystem, which targets are worth your attention? BlockBeats will provide you with a detailed analysis of the various targets in the rune ecosystem.
DOG·GO·TO·THE·MOON
This is the 3rd rune of the rune protocol, i.e., the 3rd successfully deployed ticker since the runes could be publicly deployed.
The entire project was initiated by @LeonidasNFT, who is currently the absolute community leader. Although DOG·GO·TO·THE·MOON appears to be an "animal coin" on the surface, it is actually now focusing on fair narratives, with Leonidas frantically calling out to various CEXs to convey the process and spirit of $DOG being fairly distributed to the entire Bitcoin ecosystem.
The $DOG token has the most holding addresses among all the runes, close to 95,000. Its market capitalization is also the highest, close to $850 million. This should be the most well-known target in the entire rune ecosystem, with the largest community, and crypto players who like fair narratives will be more interested in it.
PUPS·WORLD·PEACE
The rune of the Bitcoin Puppets "Puppet Candidate", which should be the most popular Bitcoin Non-Fungible Token (NFT) project, is the only Bitcoin NFT project that appears on Murad's NFT ranking chart.
Although this token was not issued by the author of the NFT series but from the community, it has been done in a lively manner and is the best material on Bitcoin. If we look at it from the perspective of community meme creation, the $PUPS community is stronger than $DOG (the $DOG community is not very meme-oriented, more like a movement community).
The market capitalization of $PUPS is now close to $400 million. As the most popular meme in the Bitcoin ecosystem, GIZMO·IMAGINARY·KITTEN, another iconic figure in the ecosystem, also has a market capitalization of $50 million. $PUPS has a strong team behind it pushing it, and the team has just bought back 8% of the tokens with the promise to list it on CEXs, so it is an excellent meme with a strong operating team.
BILLION·DOLLAR·CAT
The Chinese community calls it the "Billion Dollar Cat", just like its English name. In the ecosystem, it is generally referred to as $BDC.
The current market capitalization is $150 million. The editor does not have a deep understanding of this token, but there is no doubt that its current community and consensus have become solid, built up through a process of changing hands.
Apart from $DOG and $PUPS, the only rune that has exceeded a market capitalization of $100 million is the "Billion Dollar Cat". Currently, it can be said to be the second meme community after PUPS.
MEMENTO·MORI
This is the rune deployed by @rodarmor, the co-founder of the Ordinals protocol and the rune protocol, on the 0th rune, which is the first rune since the official launch of the Ordinals protocol. This rune is neither on the "movement" track nor the "meme" track, but more like a "narrative + culture" token.
The token name "MEMENTO·MORI" is one of the mottos of the founder Casey, and he had planned to issue it through the first batch of hard-coded methods. MEMENTO·MORI is a Latin phrase that Casey used as the title for his offline lectures before the rune protocol went live last year, meaning "we will all die one day", reminding everyone that life is limited and to live in the present.
Although Casey himself is not willing to shill directly based on the principle of fair competition in the ecosystem, he has mentioned in a Twitter Space that the only rune transaction he has made on the Bitcoin mainnet is the deployment of "MEMENTO·MORI". He said that, putting aside all identities, he is a programmer who types on a keyboard, and $MORI is a part of his life story, it exists there in reality.
Of course, the main reason why people's enthusiasm for $MORI is increasing is that it is cheap... As a rune with a strong background, its current market capitalization is still only $25 million. Compared to the cat that once reached a market capitalization of $80 million owned by Vitalik, Casey still has a long way to go...
RSIC·GENESIS·RUNE
Before OKX confirmed the listing of the $DOG spot trading, $RSIC was still the only rune that had been listed on a major exchange (OKX).
Players in the ecosystem generally believe that this project is personally operated by the founder of Node Monkey, @rocktoshi21, who developed a pre-mining gameplay that caused FOMO even before the runes were launched. Now this token is relatively lukewarm, and the logic is basically just to believe in "Satoshi Rock" rocktoshi. In addition, there are also rumors that the RSIC team has helped with the development of the rune Swap function on Magic Eden, which may have a certain impact on the recent rise of $RSIC, but the editor cannot verify the authenticity of this rumor.
Currently, the market capitalization of $RSIC is close to $80 million.
CYPHER·GENESIS
The AI concept leader in the rune ecosystem. In terms of narrative, it is certainly not as sexy as $GOAT's "AI self-issuing token", initially it was just a "voice Satoshi Nakamoto" that was trained, and then the "voice Satoshi Nakamoto" gave it this token name. However, they have been persistently building in the AI field, so the price has also skyrocketed 40 times from the bottom.
Of course, Ansem's shilling of this rune is a more critical reason for its surge from the bottom. Currently, the market capitalization of this rune is close to $40 million.
POOKA·CANNOT·BE·STOPPED
The "dog" meme image from the Bitcoin blue-chip Non-Fungible Token (NFT) project Ordinal Maxi Biz. Although it was not directly issued by the official, this is the only rune target related to OMB.
The current market capitalization of this rune is close to $4 million.
BASED·ANGLES·RUNE
Milady is like the crypto version of the famous wrestling group "nWo", going to plant flags on every chain, and Based Angle is the Milady-approved derivative project on Bitcoin.
The current market capitalization of this rune is close to $4 million.
MAGIC·INTERNET·MONEY
This rune has not been issued yet, but it has already reserved the top spot.
The runes of the ancient-level Bitcoin meme "Bitcoin Wizards", one of the most meme-worthy slogans of Bitcoin. This coin is currently still on BRC-20, and it has been determined that it will migrate to the Solana ecosystem. The market cap of $WZRD on BRC-20 is now over $200 million, and after the migration is completed, the market cap may fluctuate, with the editor tending to believe that it will be an upward fluctuation.
Conclusion
With Magic Eden set to launch the Solana Swap feature soon, the trading experience on Solana may see a significant improvement. Dotswap has actually been doing Solana Swap for a long time, but due to the lack of ecosystem heat, most people are still more focused on trading on Magic Eden. As people get used to the transition from "NFT listing" style Solana trading to Swap, Solana should quickly enter the Swap era, and more CEXes may also start to pay attention to the growth of Solana. The winds of the Bitcoin ecosystem may finally, though belatedly, have arrived.
If you feel tired of PvP on Solana, you might want to take a look at Solana, where you can find a quiet place to divert your attention.
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