Bitcoin Rune Protocol Runes is about to go live, and in the past two days, many Rune-related projects on Ethereum have sprung up like mushrooms. Although their descriptions are rough, it doesn’t affect the fact that these tokens have increased by tens of times since their launch.
Bitcoin halving is only one day away, and the Runes mainnet is about to go live. Are you still analyzing what opportunities to seize? In the past few hours, the powerful dogs on Ethereum have already made a lot of money.
In the past two days, many Rune-related projects on Ethereum have emerged like mushrooms. Although their descriptions are rough and may look chaotic, it doesn’t affect the fact that these tokens have increased by tens of times since their launch. Interestingly, the time for new projects based on the Runes concept to achieve such high multiplication has been reduced from one week to just a few hours.
The Bitcoin L2 RUNIC built around Runes went live on March 13th. At that time, the heat of the Runes protocol was not high enough, and RUNIC quickly dropped more than 90% after one day of going live. However, as the Runes protocol gradually attracted community attention in the past two weeks, RUNIC also “came back to life” with a 6-fold increase in five days.
As of the time of writing, the official Twitter account of RUNIC has less than 5000 followers, which is quite low for a serious project. However, it seems to be sufficient at the moment.
Another frequent visitor on the Ethereum hot list recently, RunesBridge RB, has seen a more than 40-fold increase in the past 10 days since its launch, making it one of the “longer-lasting” projects in the Runes protocol. As the name suggests, RunesBridge aims to build a bridge for asset transfer between the Bitcoin network and the EVME network through the Runes protocol. In addition to being a bridge, RunesBridge also serves as a Rune Lunchpad platform.
Compared to other projects, RunesBridge performs more “seriously”. It went live on the testnet yesterday, and users can receive test coins to experience the services provided by RunesBridge. Whether these features are truly useful in the Runes ecosystem or not, at least for retail investors, such “services” give them more confidence in RB.
On April 15th, the DeFi project Runes₲lyphs token RG, which provides staking services on the Runes protocol, also went live. It achieved a more than 10-fold increase in the first two hours after going live, and then quickly plummeted to “zero”.
However, for retail investors who want to find alpha coins related to the Runes concept, RG, which is close to zero while already showing an upward trend, seems to be a good choice. After oscillating at a low level for three days, RG skyrocketed yesterday and had a nearly 7-fold increase within the day.
The lucky ones who made a profit quickly withdrew, even though Runes₲lyphs is still running a promotional campaign called “Thread Competition” and has launched staking services. However, at the time of writing, RG has fallen by about 60% from its peak.
In addition to early holders of RG, the lucky ones from yesterday also paid attention to EtheRunes (ETR). Similarly, it experienced a 20-30-fold increase within the first few hours, and then quickly dropped more than 90%. However, on April 18th, ETR experienced a resurgence with a 536% increase during the day.
Although the Runes concept is gaining momentum, the lifespan of these tokens is only two days. After achieving high multiplication in a short period of time, these tokens have experienced significant retracements. Today, a new concept token related to Runes has gone live.
RBot, which appeared at 7 AM Beijing time on April 18th, had a 4-fold increase within half an hour of going live, but then dropped more than 75% in the following hour. It reached its lowest price of $0.27 around 9 AM. Generally, those who can make a profit within the first half hour of going live are often trading bots or scientists. Based on the trends of previous tokens, RBot can still receive attention from retail investors.
At around 10 AM, possibly due to the approaching deadline of Runes’ official launch, RBot quickly recovered compared to the previous tokens. It started to gradually increase in value, and reached a peak of $2 in the afternoon, with a 482% increase in 8 hours.
BitRunes token BRUNE, which was born at the same time as RBot this morning, ranked first on the Ethereum hot list at noon and has already achieved more than a 10-fold increase since going live. BitRunes also seems to provide cross-chain bridge services around Runes, but the specific details are unknown—it only has a few hundred followers on its official Twitter account and has only posted three tweets.
However, researcher DiTereh has already warned, “Don’t buy high-risk popular narratives.” Using BRUNE as an example, he pointed out that most of the buyers in the early stages were trading bots, and retail investors who bought it would face significant selling pressure. The contract itself also carries a high level of risk, such as developers not relinquishing control over the contract, being able to suspend trading by modifying the contract, and modifying the buying and selling taxes.
DiTereh’s findings confirm the trend characteristics of these project tokens. They all experience a rapid increase in a short period of time after going live, then quickly collapse and approach zero. This is followed by a “value discovery” process, which can last for several days or just a few hours. Retail investors pick them up on the road to zero, and the token price rises again, even surpassing the previous high.
The bustling scene of various tokens reminds people of the AI frenzy two months ago. In addition to well-established projects, small-cap AI projects appeared in a factory-like manner and achieved dozens of times increase in just two or three weeks, far exceeding the growth rate of legitimate AI projects.
When the Bittensor ecosystem attracted community attention, the new projects around the Bittensor ecosystem were more attractive than TAO itself. Regardless of whether the positioning is feasible or not, early holders can achieve high multiplication. During the peak period, there were as many as four or five new projects related to Bittensor within a week.
Contrary to the community’s expectations, after the narratives of new AI projects were exhausted, the funds did not flow to “more reliable” projects but directly withdrew. Recently, AI memes have all reached the end of zero, and the escape postures of project parties varied.
The same logic seems to be playing out around Runes, and the pace is faster. These two days are the peak of concept projects related to Runes. On April 18th, RUNIC had a daily increase of 150%, RB reached a peak daily increase of 463%, and ETR had a daily increase of 536%. By April 19th, these tokens have experienced retracements between 40% and 70%, while RBot and BRUNE were born, creating new upward trends. Tomorrow, there may be new concept coins related to Runes appearing on the hot list, and their lifespan may be even shorter.
Although Runes is the consensus wealth code during Bitcoin halving, users who bought the new tokens in the past two days based on the profit logic of the initial Runes concept token RB may have experienced significant retracements in their profits. If the entry point is a few hours apart, they may even face the risk of being buried. In this “mutual consent” narrative trading, who will be the ultimate winner?