With the warming up of the cryptocurrency market, the rune sector has recently shown remarkable performance, with $DOG becoming the focus and reaching a new market capitalization high of over $700 million, making it the 132nd largest cryptocurrency. This has motivated a 50% increase in the floor price of Runestone, which is the largest traded runestone on OKX.
Summary:
After the completion of the Runestone snapshot, the floor price plummeted by over 50%, with a drop of 0.03 BTC. Can the airdrop of DOG save it?
Background:
Bitcoin Runes are rising across the board! $DOG rose over 19% in a single day, $JOKER topped the list, and Trump’s namesake rune traded volume ranks fifth.
Table of Contents:
$DOG breaks through 0.0075 Mg, reaching a new high.
Runestone rises by 50% in a single day.
Potential catalyst for runes.
With the preliminary approval of the Ethereum spot ETF and the changing stance of US presidential candidates towards cryptocurrencies, the cryptocurrency market seems to be gradually warming up. Bitcoin has risen from around $57,000 at the beginning of this month to a high of about $71,000, with an increase of 24.6%.
The Bitcoin ecosystem has also benefited from this, and among them, the rune sector has recently shown remarkable performance.
SatScreener
The website shows that rune tokens have generally risen in the past 24 hours, with a total market capitalization of over $2.7 billion, according to the RunesMarketCap website. Achieving such results in less than a month and a half online is still very impressive.
The most market-focused is DOG•GO•TO•THE•MOON ($DOG), which holds the top spot in the rune market capitalization. It is the token that previously skyrocketed to 0.09 BTC in the Runestone airdrop. Today, it once again reached a new high, touching $0.007542. The price is currently reported at $0.007134, with a nearly 18% increase in the past 24 hours and more than double the increase in the past two weeks.
The market capitalization has also exceeded $700 million, making it the 132nd largest cryptocurrency.
Source: CoinGecko
With the strong performance of $DOG, the market seems to have high expectations for the future airdrop of two meme coins promised by Runestone founder Leonidas. This has inspired a soaring price for Runestone.
According to OKX NFT market data, the floor price of Runestone has skyrocketed from 0.0098 BTC (about $666.4) yesterday to 0.0143 BTC (about $972.4) today, with a daily growth rate of 50%. It has also become the most traded runestone, with its trading volume almost doubling in the past 24 hours.
Although the price of Runestone has dropped by over 90% compared to its peak after the completion of the airdrop snapshot, users who still hold Runestone now have profits of up to $1,000 due to the increased value of the 889,806 $DOG airdrop and the rebound of Runestone from its bottom. The specific calculation is as follows:
Will the recent outstanding performance of runes be short-lived? X user Bitbro, who focuses on the Bitcoin ecosystem, has expressed optimism about the prospects of Runes and pointed out several potential catalysts, as analyzed by analyst Ignas:
– Centralized exchanges going live: Previously, $RSIC (@rune_coin) has been listed on OKX, and other potential exchanges include Binance and Kraken, as they have released Runes reports in May, showing strong interest in the sector.
– Bitcoin soft forks bring improvements to BTCFi development.
– Stablecoins (USDC, USDT, etc.) issued on the Bitcoin network will increase in demand as BTCFi develops.
– The market will digest the “sell the news” event for runes over time.
Regarding the first point, Leonidas has also continuously emphasized the potential impact of centralized exchanges going live on the market capitalization of $DOG. He stated:
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