Rune Trading Picks Up, Has the Bitcoin Ecosystem Finally Heated Up?

Yesterday, OKX launched the DOG•GO•TO•THE•MOON Rune perpetual contract, which has excited players in the Bitcoin ecosystem. Not only that, in the OKX client, the deposit channel for DOG•GO•TO•THE•MOON has also been listed, but is currently not yet available.

As Bitcoin continues to hit new highs, players in the Bitcoin ecosystem ask each other a question every day, "Will Rune moon soon?" It seems that an answer is imminent. Although the current market's attention and liquidity are still mostly focused on Solana, for Rune, this "new territory," the opportunity has matured gradually after a long period of brewing, giving a feeling of being "all set, just waiting for the right moment."

According to Geniidata, in the past week, the top 10 trading volume Runes received a total trading volume of nearly $27 million. 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, after hitting a historic high, consolidated briefly and rose by 10.4%.

If your understanding of the Bitcoin ecosystem stopped at last year's runic frenzy, then since then, Rune has gradually grown into the current leading token protocol in Bitcoin. With OKX's announcement of the DOG•GO•TO•THE•MOON perpetual contract and the likely listing of its spot before that, Rune seemed to be underestimated by CEX, retail investors, and even Bitcoin conservatives. However, in such an environment, DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE, BILLION•DOLLAR•CAT, and other communities have persisted and grown, reaching market capitalizations of over $1 billion. At the same time, newcomers like MEMENTO•MORI and CYPHER•GENESIS are also making steady progress. From having no initial hype to almost daily activities now, this ecosystem, without the overt promotion of top KOLs in the market, has a total market cap exceeding $2 billion, with its stability and robustness possibly only trailing behind Solana and ETH.

So, in this ecosystem, what assets are worth your attention? BlockBeats will provide you with a detailed overview of various assets in the Rune ecosystem.

DOG•GO•TO•THE•MOON

This is Rune Protocol's Rune #3, starting from rune deployable publicly, the 3rd ticker to successfully deploy.

The entire project is initiated by @LeonidasNFT who is currently also the absolute community leader. Although DOG·GO·TO·THE·MOON appears to be a "meme coin" on the surface, it is actually now focusing on fair narratives, with Leonidas actively leading the community to call out to various CEXs, conveying the process and spirit of $DOG's fair distribution to the entire Bitcoin ecosystem.

The $DOG holding address is the most among all runes, close to 95,000 holding addresses. It also has the highest market capitalization, close to $850 million. This should currently be the most well-known asset in the entire rune ecosystem, with the largest community, and Crypto players who enjoy fair narratives are more interested in this.

PUPS·WORLD·PEACE

Rune of Bitcoin Puppets, "PuppetWaiting," should be the most high-profile Bitcoin NFT, being the only one to appear in Murad's NFT ranking chart among Bitcoin NFT projects.

Although this coin was not issued by the NFT series author but rather originated from the community, it is very colorful and is the best material on Bitcoin. From the perspective of community meme creation, the $PUPS community is stronger than $DOG's (the $DOG community is not very meme-like, more like a movement community).

The market value of $PUPS is now close to $400 million. As the most high-profile meme in the Bitcoin ecosystem, another character in the ecosystem, GIZMO·IMAGINARY·KITTEN, also has a market value of $50 million. Behind $PUPS is a strong team promoting it, and the team has just reclaimed 8% of the chips committed to be used for listing on CEXs, making it an excellent meme with a strong team.

BILLION·DOLLAR·CAT

The Chinese community calls it "Billion Dollar Cat," just like its English name. In the ecosystem, it is generally referred to as $BDC.

Currently valued at $150 million. The author did not delve too deeply into this coin, but undoubtedly its current community and consensus have become more solid, built up through steady turnover.

Apart from the $DOG and $PUPS mentioned above, only the "Billionaire Cat" remains among the symbols that can surpass a $1 billion market cap. At the moment, it can be said that it is the second-largest meme community after PUPS.

MEMENTO·MORI

This is a symbol deployed by Rodarmor, co-founder of the Ordinals Protocol and Symbol Protocol, on Epitaph 0, which is the first symbol created since the official launch of the Ordinals Protocol. This symbol does not follow either the movement route or the meme route; instead, it resembles more of a "narrative + cultural" coin.

The coin name "MEMENTO·MORI" is one of the founder Casey's mottos, which was initially planned to be issued through the first batch of hardcoded means. "MEMENTO·MORI" is a Latin phrase used by Casey as the title of offline speeches before the Symbol Protocol went live last year, meaning "we will all die," reminding everyone that life is limited, encouraging them to live in the present.

Although Casey himself, based on the principle of ecosystem fairness competition, is not willing to pump directly, he mentioned in a Twitter Space session that his only symbol transaction on the Bitcoin mainnet was the deployment of "MEMENTO·MORI." He said that, setting aside all identities, he is a programmer typing on a keyboard, and $MORI is a part of his life story, existing there truthfully.

Of course, the main reason for the increasing enthusiasm for $MORI is mainly its affordability... As a symbol with a strong background, its current market cap is still only $25 million. Compared to Vitalik's cat, which once reached an $80 million market cap, Casey still has a long way to go...

RSIC·GENESIS·RUNE

Before OKX confirmed the spot trading of $DOG, $RSIC was still the only symbol listed on the large exchange (OKX).

Players in the ecosystem generally believe that the project was personally led by the Node Ape founder, @rocktoshi21, who was very forward-looking in developing pre-mining gameplay before the symbol went live, causing FOMO. Now this coin is relatively flat, basically based on the belief in "Rocktoshi." In addition, there are rumors that RSIC's team helped develop Magic Eden's symbol Swap feature, which may have had some impact on $RSIC's recent uptrend, but the author cannot verify the veracity of this rumor.

Currently, the market capitalization of $RSIC is close to 80 million US dollars.

CYPHER·GENESIS

The AI flagship of the Rune ecosystem. In terms of narrative, it is certainly not as sexy as $GOAT's "AI Autonomous Coin issuance." Initially, they trained a "Voice Satoshi," and then "Voice Satoshi" came up with this coin name. However, they have been persisting in AI development, so the price has also skyrocketed 40 times from the bottom.

Of course, Ansem's shill for this Rune is the more critical reason for the Rune's meteoric rise from the bottom. Currently, the market capitalization of this Rune is close to 40 million US dollars.

POOKA·CANNOT·BE·STOPPED

A "dog" meme image from the Bitcoin blue-chip NFT project Ordinal Maxi Biz. Although not directly issued by the official team, this is currently the only related asset of OMB.

Currently, the market capitalization of this asset is close to 4 million US dollars.

BASED·ANGLES·RUNE

Milady resembles the famous wrestling group "nWo" in the crypto world, planting flags on every chain. Based Angle is the recognized Bitcoin derivative project by Milady's team.

Currently, the market capitalization of this Rune is close to 4 million US dollars.

MAGIC·INTERNET·MONEY

This asset has not been issued yet but has secured a top-tier seat directly.

It is a Rune related to the ancient-level Bitcoin meme "Bitcoin Wizards," with the coin name being one of Bitcoin's most meme-worthy slogans. This coin is currently on the BRC-20 chain, and its $WZRD market capitalization exceeds 200 million US dollars. After the migration to the Rune ecosystem, this market capitalization may fluctuate. The editor is inclined to believe it will be an upward fluctuation.

Conclusion

With Magic Eden set to launch the Rune Swap feature, the trading experience of Runes may see significant improvements. Dotswap actually implemented the Rune Swap feature early on, but due to insufficient ecosystem heat, most traders still focus more on Magic Eden. As users shift from "NFT listing" style Rune trading to Swap, Runes are likely to enter the Swap era soon, and more centralized exchanges may gradually take notice of Rune's growth. The Bitcoin ecosystem's wave may finally be arriving, albeit belatedly.

If you're feeling weary from PvP on Solana, why not shift your focus to Runes for a while? Find some tranquility amidst the chaos, divert your attention, and you may discover a whole new world.