The Rune Protocol (Runes) was released on April 20th during the Bitcoin halving. It has been one month since its launch and there are currently nearly 70,000 Rune tokens with a total market value of approximately $920 million. However, the market is dominated by a few leading projects, such as DOG•GO•TO•THE•MOON, which has a higher market value.
(Disclaimer: This article is not investment advice)
Contents:
1. Current Status of the Rune Market
2. Rune Protocol’s Market Value Approaching $1 Billion but No Growth
3. Rune Protocol Dominates the Market
4. Lack of Growth Momentum for Runes
The Runes Protocol has been on the Bitcoin network for exactly one month and currently has a total market value of about $934 million. What does a market value of $934 million mean? Currently, the market value of BTC is about $1.3 trillion, ETH is about $370 billion, and BRC20 tokens are about $2 billion, showing that the Rune market is still very small.
Interestingly, the developer of the Rune Protocol, Casey, jokingly stated that if the market value of the protocol did not reach $1 billion within one month of its launch, he would commit seppuku. The current highest market value of the Rune Protocol is about $998.6 million, so it seems that Casey’s prediction was slightly off but still quite accurate.
Casey is confident in the Rune Protocol.
(Source: [link])
Recommended reading:
What are the Advantages of the Rune Protocol? Can it Replace BRC20?
Reason for recommendation: This article introduces the design considerations and technical advantages of the Rune Protocol, helping to understand why Casey is confident in its release.
However, compared to the rapid rise in market value to $900 million within a few days of the launch of the Rune Protocol, there has been no further growth in the past month. The overall market value has not fluctuated much, indicating a lack of vitality and narrative in the market.
Looking at individual projects, the top project is DOG•GO•TO•THE•MOON, issued by the Runestone team, with a market value of about $257 million, demonstrating the effectiveness of its airdrop strategy. The second and third projects are PUPS•WORLD•PEACE with a market value of $159 million and RSIC•GENESIS•RUNE with a market value of $158 million.
(Runestone announces airdrop of meme coin DOG, floor price drops by 60%)
Ranking of Rune Projects by Market Value
(Source: [link])
It’s worth noting that the top three projects mentioned above account for 61% of the total market value of all 70,000 Rune projects. Because only a few projects have a market value of over ten million, most projects have almost no market value, resulting in a market dominated by a few.
Currently, most Runes are meme coins, so they heavily rely on the market narrative and atmosphere. After the Bitcoin halving event, its ecosystem, including Ordinals, BRC20, and BTC Layer, seems to have also stagnated for a while, lacking a strong growth momentum, which also seems to have affected the development of the Rune Protocol.
Recommended reading:
Types of Bitcoin Ecosystem Assets Explained: Technical Differences Behind ARC-20, SRC-20, and More
Reason for recommendation: This article covers the evolution and differences of token standards in the Bitcoin ecosystem, from BRC20, ARC20, SRC20, BRC420, to Taproot Asset and RGB, providing a comprehensive understanding of the token standards since the appearance of Ordinals.
However, the advantage of memes is that a new explosion can happen at any time. Perhaps waiting for the market to drive new stories, we may see new Rune projects quickly rise, just like the unpredictable meme development path of the Ethereum and Solana ecosystems.
Fundamentally, Rune tokens may be the next economic focus of the Bitcoin ecosystem and their long-term application value is very interesting.
Recommended reading:
Franklin Rune Report: Rune Issuance as a Standard for Homogeneous Tokens in the Bitcoin Ecosystem
Reason for recommendation: This article briefly introduces the origin and opportunities of the Rune Protocol, pointing out that Rune tokens may become an important standard for issuing token assets in the Bitcoin ecosystem.
(Disclaimer: This article is not investment advice)
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