Author: Weilin PANews
The Runes protocol in the Bitcoin ecosystem is currently experiencing a new wave of excitement, with one significant driving factor being the rise of the DOG•GO•TO•THE•MOON (DOG) meme coin, which has seen a staggering 165.6% increase in price within a month, reaching $0.008065 on the afternoon of June 7th. Additionally, rumors about its listing on centralized exchanges are circulating.
Since its launch on April 20th, the development of Runes has spanned one and a half months. As of June 8th, the total market value of the Runes protocol has reached $1.94 billion, with a 24-hour trading volume of $6.28 million. On the same day, BRC 20 had a market value of $2.49 billion, directly challenging the influence of Runes in the Bitcoin ecosystem.
Analysts believe that the recent surge in DOG’s growth is attributed to a combination of the overall market recovery, active participation from Western builders, and the “going viral” effect brought about by TikTok and YouTube influencers. However, competition in the BTC ecosystem is fierce. Unisat has already airdropped “Pizza” inscriptions to eligible user wallets, with a massive airdrop of 200,738 active addresses, more than double the size of the previous Runestone airdrop and the largest airdrop in the Bitcoin ecosystem.
The daily trading volume of Runes shows a V-shaped rebound
Since its launch on April 20th, Runes has been in development for one and a half months. Currently, the Runes protocol has performed well in the market, with daily trading volume showing a V-shaped pattern over the past period. Data indicates that due to high attention at launch, the trading volume of the Runes protocol rapidly increased in the first ten days. However, the cooling of the Bitcoin market in May led to a significant decline in the Runes protocol’s trading volume. But since May 22nd, with the release of pent-up market sentiment, the trading volume of the Runes protocol has once again risen.
Currently, the three main markets for Runes trading are MagicEden, OKX, and UniSat. MagicEden dominates the trading volume, followed by OKX, while the trading volume on UniSat, the main early trading market in the Bitcoin ecosystem, accounts for less than 10%.
DOG remains the leader, and its rise may be due to going viral
Previously, the Runes ecosystem lacked a clear leader token. However, DOG has emerged as a leader in the market consensus, rallying the consensus with its impressive growth.
As of June 7th, the price of DOG•GO•TO•THE•MOON was $0.008065, despite a 11.43% pullback from the previous day, the monthly increase was as high as 165.6%. DOG’s market value has reached $816 million, surpassing BRC20’s SATS, which has a market value of $727 million. The gap between DOG and ORDI’s market value of $1.3 billion is only $500 million.
Unlike the BRC20 period where Asian players dominated, Runes involve players from both the East and West, making the consensus more widespread. Some in the community believe that due to its popularity and market value, DOG is expected to be listed on major exchanges like Binance or Coinbase.
Crypto blogger BitLily pointed out in a Space on Bitcoin Square that many believe DOG’s rise is due to the anticipation of its listing on major platforms like Binance, but the deeper logic is that the listing on exchanges will lower the trading threshold for DOG. Additionally, DOG also has a going viral effect, with numerous videos from influencers on TikTok and YouTube attracting attention from outsiders.
Following closely behind DOG on June 7th, the second-largest market value in the Runes ecosystem was RSIC•GENESIS•RUNE, with a market value of $232 million, while PUPS•WORLD•PEACE had a market value of $204 million.
Meanwhile, on June 7th, some new Runes projects were also gaining popularity, such as COOK•THE•MEMPOOL (1,132 minters), GANGSTER•GOOSE (711 minters), and THE•RUNE•FATHER (662 minters).
Various tokens’ wealth effects have attracted investors who were previously cautious about Runes, leading them to join the ecosystem and even switch from BRC20 to Runes.
0xSea.eth, the founder of Sea Talk, believes that the first wave of excitement for BRC20 from April to June last year saw ORDI listing on GATE and OKX exchanges, with ORDI and SATS listing on Binance by the end of the year. If the Runes market erupts again at the beginning of June, it is expected that June to August will be a new peak period.
However, some believe that this round of excitement in the Runes ecosystem differs from BRC20, as the on-chain minted assets have not performed as expected. From a liquidity perspective, the trading volume of Runes minted on the Bitcoin chain far exceeds the volume of buying and transferring Runes, indicating that most new Runes assets may face liquidity challenges once minted, with the secondary market lacking sufficient funds to take over. This issue cannot be overlooked if further development of the Runes ecosystem is to be promoted.
Unisat strikes back with a fierce counterattack, airdropping PIZZA to grab attention
After the launch of Runes, inscriptions were somewhat neglected by traders, reflected in the trading volume. According to data from GeniiData, as of June 7th, in the past 24 hours of Bitcoin trading distribution, Runes trading accounted for 52.71%, Ordinals trading only accounted for 6.47%, while other trading accounted for 40.82%.
Amid the renewed market attention on Runes, Unisat launched a strong counterattack. On May 22nd, during the fourteenth Bitcoin Pizza Day in the crypto community, Unisat announced the airdrop of “Pizza” inscriptions to eligible user wallets. This airdrop reached 200,738 active addresses, more than double the size of the previous Runestone airdrop and the largest airdrop in the Bitcoin ecosystem.
Currently, all Pizzas have been minted. As of 5 PM on June 7th, according to the OKX Web3 wallet, the floor price of Pizza is $4.9. Various off-exchange trading groups have emerged around Pizza, with exchanges like Gate leading the way.
Overall, the activity in the Runes ecosystem continues to rise, with the number of early project holders and the background of the project becoming important considerations for investors seeking targets. The resurgence of the Runes ecosystem, along with the rise of DOG, has injected new vitality into the cryptocurrency market.
The future of the Runes protocol leading the market remains to be verified over time. A battle between dogs and pizzas seems imminent.
