Are Bitcoin Runes Protocol tokens still relevant? Get the latest insights on their performance and potential.
Bitcoin Runes hype boomed pre-Halving, but now, weeks later, the market disappointment is palpable.
The launch of the Runes Protocol quickly became the go-to method for creating fungible tokens on Bitcoin.
Yet, the frenzy has died down, with Runes activity dropping over 90% in May and it hasn’t done much better since then.
Bitcoin has often been declared “dead” by traditional media—as we track here at 99Bitcoins—and now this narrative extends to Runes Protocol tokens.
Is Runes finished or a golden opportunity? We’ll break it down.
The Boom and Bust of Bitcoin Runes Protocol
After the Runes Protocol launch, Bitcoin’s kept steady between $60,000 and $70,000, holding its ground. But this stability hasn’t sparked much interest in Runes tokens.
As part of the altcoin family, essentially becoming Bitcoin’s idea of shitcoins, Runes suffer from the market’s lack of appetite for altcoins. Due to their ease of creation, meme coins on other protocols have dominated the year, and it’s not even close.
(BitEye)
As it stands, the top tokens on the Bitcoin Runes project are “Bitcoin’s dog token” DOG•GO•TO•THE•MOON, PEPE•COIN•RUNE, and RSM•RUNES•STATE•MACHINE.
“Bitcoin’s dog token” has stolen the show with a fair launch and clear narrative, attracting over 70,000 holders and a $600 million market cap.
Evolution of the Infrastructure of Bitcoin Runes
One major obstacle to trading Bitcoin Runes has been that decentralized exchanges (DEXs) cannot list them without Ethereum or Solana’s smart contracts.
Despite this, heavyweights see potential. Magic Eden, after losing steam on Solana, is pivoting to Bitcoin assets. OKX is on board too, setting up a marketplace just for Runes.
Centralized exchanges are jumping in too, led by Gate.io, MEX, Bybit, and KuCoin have listed it, signaling broader acceptance.
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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.
