Bitcoin Runes Make a Comeback as Meme Coin Boom Boosts Market Cap to $2 Billion – Decrypt
The collective market capitalization of tokens on the Bitcoin-based Runes protocol has surpassed $2 billion for the first time ever, challenging the belief that the ecosystem for meme coins on the Bitcoin network was doomed from the start.
Currently, tokens on Runes have a total value of $2.06 billion, as reported by Bitcoin data analytics platform GeniiData. Just last week, this value exceeded $1 billion for the first time.
The recent increase in value can largely be attributed to a specific Runes token, DOG•GO•TO•THE•MOON (also known as DOG), which has surged over 90% in the past week, reaching a price that is still less than a penny. Its market capitalization has now reached an impressive $797 million, making it the ninth most valuable meme coin across all blockchains, according to CoinGecko.
This surge in value is likely welcome news for Casey Rordamor, the creator of Runes and previously the Bitcoin Ordinals inscription protocol, which launched last year.
Prior to the introduction of Runes during the Bitcoin halving on April 19, Rordamor jokingly tweeted that he would perform a ritualistic suicide if Runes did not reach a $1 billion market cap within a month of its launch.
It seems that Rordamor’s wish has come true, as Runes surpassed $1 billion just a day before his self-imposed deadline, according to GeniiData. Since then, the protocol has seen a remarkable increase in value, more than doubling in just a few days.
In recent days, there has been a significant surge in Runes activity, with daily transaction volumes on the protocol approaching $20 million on Wednesday and Thursday for the first time since its launch in April.
This surge comes at a time when many had written off Runes as a failure, following a sharp drop in transaction volume after its initial debut.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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