Bitcoin (BTC) has soared past the $71,000 mark, reaching its highest price since the Bitcoin Halving event. This upward momentum coincides with a significant increase in Bitcoin-based memecoins such as ORDI, DOG, and PUPS. According to CoinMarketCap data, Bitcoin peaked at $71,172 on Wednesday and is currently trading at $70,839, reflecting a 2.21% gain in the past 24 hours and a 3% rise over the last seven days.
Memecoin Mania Drives Token Gains
The Bitcoin surge has spurred remarkable gains among notable fungible tokens on the Bitcoin blockchain, including BRC-20 and Runes tokens. ORDI, the first token minted using the BRC-20 standard last year, has jumped nearly 17% to just under $57.50, its highest since early April. Other BRC-20 tokens have also seen substantial increases, with PUPS climbing 121% and Bitcoin Wizards (WZRD) up 136%. Both PUPS and WZRD are set for a planned launch on the Runes protocol.
Market Capitalization Milestone
The combined market capitalization of tokens on the Bitcoin-based Runes protocol has exceeded $2 billion, highlighting a robust resurgence of the memecoin ecosystem on the Bitcoin network. Data from GeniiData indicates that the value of Runes tokens has reached $2.4 billion, doubling from $1 billion just last week. The Runes token standard was introduced during the April 19 halving.
DOG Token Performance
DOG•GO•TO•THE•MOON (DOG), a leading token on the Runes protocol, has demonstrated impressive growth. Initially airdropped free to holders of Runestones, DOG has more than doubled in price over the past week, rising 120% to over $0.0095. This surge has propelled DOG’s market cap to $960 million.
Conclusion
The recent surge in Bitcoin prices, coupled with the explosive growth of Bitcoin-based memecoins, underscores a dynamic and evolving cryptocurrency market. Investors are closely watching these developments as the memecoin ecosystem continues to thrive on the Bitcoin network.
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