With the warming of the cryptocurrency market, the Runes sector has recently seen impressive performance, with $DOG becoming the focus and reaching a new market value 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 trading inscription on OKX.
As Ethereum spot ETFs are preliminarily approved and the positions of US presidential candidates on cryptocurrencies are changing, the cryptocurrency market seems to be gradually recovering. Bitcoin has risen from around $57,000 at the beginning of this month to a high of about $71,000, a 24.6% increase.
The Runes ecosystem has also benefited from this, with the Runes tokens experiencing widespread growth in the past 24 hours. According to the SatScreener website, the total market value of Runes has exceeded $2.7 billion, achieving such results in less than a month and a half is still quite remarkable.
The most market attention has been on DOG•GO•TO•THE•MOON ($DOG), which sits firmly as the number one token in the Runes market value. It is the token that was previously airdropped in the Runestone, which surged to 0.09 BTC. Today, it reached a new high, briefly touching $0.007542. The price is currently at $0.007134, a nearly 18% increase in the past 24 hours and more than double in the past two weeks. Its market value has also exceeded $700 million, making it the 132nd largest cryptocurrency.
With the strong performance of $DOG, the market’s expectations for the future airdrop of two meme coins promised by Runestone founder Leonidas have also increased. This has motivated a significant increase in the price of Runestone.
According to OKX NFT market data, the floor price of Runestone has surged 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 become the highest trading inscription, with its trading volume almost doubling in the past 24 hours.
Although the price of Runestone had dropped by over 90% compared to its peak after the completion of the airdrop snapshot, the value of the 889,806 $DOG airdropped and the rebound of Runestone have led to users who still hold Runestone having profits of up to $1,000. The specific calculation is as follows:
Will the recent impressive performance of Runes be short-lived? X user Bitbro, who focuses on the Bitcoin ecosystem, expressed optimism about the future of Runes and pointed out several potential catalysts, as analyzed by analyst Ignas:
– Listing on centralized exchanges: Previously, $RSIC (@rune_coin) has already landed on OKX, and other potential exchanges include Binance and Kraken, which released Runes reports in May, showing a strong interest in this 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 listing on centralized exchanges on the market value of $DOG, stating:
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