Rune trading has started to become active. Has the Bitcoin ecosystem finally warmed up?

Author: Cookie, BlockBeats

Yesterday, OKX launched the DOG•GO•TO•THE•MOON perpetual contract, which has excited players in the Bitcoin ecosystem. Moreover, the deposit channel for DOG•GO•TO•THE•MOON has also been listed in the OKX client, although it is currently unavailable.

As Bitcoin continues to reach new highs, a question that players in the Bitcoin ecosystem ask each other daily is, "Will the rune go to major exchanges?" It seems that an answer is imminent. Although the market's attention and liquidity are still almost entirely focused on Solana, opportunities for this "new zone" of runes are gradually maturing after a long period of brewing, giving a sense of "everything is ready, only the east wind is missing."

According to Geniidata data, in the past week, the top 10 runes have collectively achieved nearly $27 million in total trading volume. Among them, DOG•GO•TO•THE•MOON rose by 98.2%, MEMENTO·MORI increased by 44.2%, CYPHER·GENESIS surged by 280%, and PUPS·WORLD·PEACE saw a brief consolidation after reaching an all-time high, rising by 10.4%.

If your understanding of the Bitcoin ecosystem is still stuck in last year's inscription frenzy, then since then, runes have gradually grown into the leading token protocol in Bitcoin. Before OKX officially announced the launch of the DOG•GO•TO•THE•MOON perpetual contract and its suspected spot listing, runes seemed to be overlooked by CEXs, dismissed by retail investors, and even scoffed at by Bitcoin conservatives. However, in such an environment, DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE, and BILLION•DOLLAR•CAT have thrived, achieving market capitalizations of over $100 million. At the same time, newcomers like MEMENTO•MORI and CYPHER•GENESIS are continuously taking the baton. From having no initial effect to now almost daily activities, this ecosystem has reached a total market capitalization of over $2 billion without the backing of top KOLs in the entire market, and its stability and robustness may only be surpassed by Solana and ETH.

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

DOG·GO·TO·THE·MOON

This is the third rune of the rune protocol, the third ticker successfully deployed since the public deployment of runes began.

The entire project was initiated by @LeonidasNFT, who is currently the absolute community leader. Although DOG·GO·TO·THE·MOON appears to be an "animal coin," it is actually focused on fair narratives. Leonidas is passionately leading the community to communicate with various CEXs, conveying the process and spirit of fairly distributing $DOG across the entire Bitcoin ecosystem.

The number of $DOG holding addresses is the highest among all runes, with nearly 95,000 holding addresses. Its market capitalization is also the highest, approaching $850 million. This is likely the most well-known asset in the entire rune ecosystem, with the largest community, attracting crypto players who appreciate fair narratives.

PUPS·WORLD·PEACE

The rune of Bitcoin Puppets, "Puppet候," is arguably the most prominent Bitcoin NFT, being the only Bitcoin NFT project featured in Murad's NFT ranking chart.

Although this coin was not issued by the authors of the NFT series but came from the community, it has gained significant attention and is the best rune on Bitcoin. From the perspective of community meme creation, the $PUPS community is stronger than that of $DOG (the $DOG community is less meme-oriented and more like a movement community).

The market capitalization of $PUPS is now close to $400 million. As the most prominent meme in the Bitcoin ecosystem, another character in the ecosystem, GIZMO·IMAGINARY·KITTEN, also has a market capitalization of $50 million. The $PUPS project is backed by a strong team that has just reclaimed 8% of the chips, promising to list on CEX, making it an excellent meme with a strong operational team.

BILLION·DOLLAR·CAT

The Chinese community refers to it as "百亿猫," just like its English name. Within the ecosystem, it is generally called $BDC.

Currently, its market capitalization is $150 million. The author has not delved deeply into this coin, but there is no doubt that its community and consensus have become solid, built through trading.

The only runes that have surpassed a $100 million market capitalization, besides the aforementioned $DOG and $PUPS, are "百亿猫." Currently, it can be said to be the second meme community after PUPS.

MEMENTO·MORI

This is the rune personally deployed by the co-founder of the Ordinals protocol and the rune protocol, @rodarmor, on the 0th inscription, which is the first inscription since the official birth of the Ordinals protocol. This rune does not follow the movement or meme route, but rather resembles a "narrative + culture" coin.

The name "MEMENTO·MORI" is one of the mottos of founder Casey, who once planned to issue it through hard-coded methods. MEMENTO·MORI is a Latin phrase that Casey used as the title for offline speeches before the rune protocol launched last year, meaning "we all must die," reminding everyone that life is limited and to live authentically in the present.

Although Casey himself is reluctant to directly promote based on the principle of fair competition in the ecosystem, he has mentioned in Twitter Spaces that his only rune transaction on the Bitcoin mainnet is the deployment of "MEMENTO·MORI." He said that aside from all identities, he is just a programmer, and $MORI is a part of his life story, existing authentically.

Of course, the growing enthusiasm for $MORI is mainly due to its low price… As a rune with a strong background, its current market capitalization is still only $25 million. Compared to the $80 million market capitalization of Vitalik's cat, Casey still has work to do…

RSIC·GENESIS·RUNE

Before OKX confirmed the listing of $DOG for spot trading, $RSIC was the only rune listed on a major exchange (OKX).

Players in the ecosystem generally believe that this project was personally developed by the founder of Node Monkeys, @rocktoshi21, who created a pre-mining mechanism before the rune was launched, causing FOMO. Currently, this coin is relatively lukewarm, with the logic basically relying on belief in "石本聪" rocktoshi. Additionally, there are rumors that the RSIC team assisted in the development of the rune Swap function for Magic Eden, which may have influenced the recent rise of $RSIC, but the author cannot verify the authenticity of this rumor.

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

CYPHER·GENESIS

The leading AI concept in the rune ecosystem. In terms of narrative, it is certainly not as appealing as $GOAT's "AI autonomous coin." Initially, they trained a "voice Satoshi," and then the "voice Satoshi" named this coin. However, they have consistently focused on AI development, leading to a 40-fold price increase from the bottom.

Of course, Ansem's promotion of this rune is a key reason for its surge from the bottom. Currently, this rune's market capitalization is close to $40 million.

POOKA·CANNOT·BE·STOPPED

This is the "dog" meme image from the Bitcoin blue-chip NFT project Ordinal Maxi Biz. Although it is not officially issued, it is currently the only related rune asset from OMB.

Currently, this rune's market capitalization is close to $4 million.

BASED·ANGLES·RUNE

Milady is like the famous wrestling group "nWo" in the crypto world, planting flags on every chain, and Based Angle is the officially recognized derivative project on Bitcoin.

Currently, this rune's market capitalization is close to $4 million.

MAGIC·INTERNET·MONEY

This rune has not yet been issued but has directly reserved top positions.

An ancient-level Bitcoin meme "Bitcoin Wizards" rune, with a name that is one of Bitcoin's most meme-worthy slogans. This coin is currently on BRC-20 and is confirmed to migrate to the rune ecosystem. The market capitalization of $WZRD on BRC-20 is now over $200 million, and after the migration, this market capitalization may fluctuate, with the author leaning towards an upward trend.

Conclusion

With Magic Eden about to launch the rune Swap function, the trading experience of runes may see significant improvements. Dotswap actually implemented rune Swap quite early, but due to insufficient ecosystem heat, most people still focus on trading on Magic Eden. As everyone gets used to transitioning from "NFT listing" style rune trading to Swap, runes should soon enter the Swap era, and more CEXs may gradually notice the growth of runes. The winds of the Bitcoin ecosystem may finally be arriving, albeit late.

If you feel exhausted from PvP on Solana for too long, consider paying attention to runes, finding tranquility amidst the chaos, and shifting your focus; you might discover a whole new world.