Bitcoin Runes are re-emerging as BRC-20 tokens bounce back into the spotlight, but could Runes Bitcoin be the next narrative? Let’s dig in.
$2 billion—this is the total market capitalization surpassed by the tokens on the Bitcoin-based Runes protocol. Not bad for this new meme coin ecosystem, which some consider already doomed from the start.
Runes have a combined $1.95 billion market cap, confirmed by GeniiData, which has more than doubled in the last week.
OMG, $DOG is ripping without any Tier 1 CEX listing, actually @gate_io will become Tier 1 looking on all the volume $DOG is producing especially when we cross $1B MC
Appreciate @gate_io for having faith in Runes and $DOG when others faded pic.twitter.com/1jjop6gwdu
— se7en (@se7en77_eth) June 4, 2024
DOG GO TO THE MOON Ignites Sensational Recovery For Bitcoin Runes Market
DOG-GO-TO-THE-MOON (DOG) has made a huge contribution to this recent increase. In just seven days, this meme coin has seen a +125% price increment, reaching an $800m market cap.
(DOGUSDT)
While the price might have a long way to go before it reaches $1, the market cap sits at $800M and is attempting to break out of a so-called bullish pennant.
A bullish pennant is also known as a continuation pattern, meaning it could sustain $1B soon. Looking at the history of other chains (eth, base, sol), this could be a very plausible target.
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The Bottom Line: Don’t Sleep on Runes Bitcoin Recovery
Another important factor contributing to the recent re-emergence of Runes is the interest this protocol has, especially in East Asia.
One example is China, where crypto investors hold huge quantities of Bitcoin. Similar to what happened with the BRC-20 and Ordinals, the biggest push came from Chinese investors.
The future of Runes remains uncertain, particularly regarding its role in creating and promoting meme coins on the Bitcoin network. However, the growing interest among Asian investors is a factor that should not be overlooked.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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