The emerging market of The market capitalization of meme coins tracked by DOG is now up 85% over the last week alone, setting a new all-time high price of $0.007542 late Wednesday. It now has a market cap of nearly $730 million.Like many meme coins, the Bitcoin-based assets have existed for only a short time. But their launch is linked to the release of DescribedAnd since Runes’ debut in April, alongside Bitcoin’s “Right now, neither Runes nor BRC-20s have a ton of narrative momentum,” he said.The popularity of meme coins on “Right now, especially with memes coins being the resurgent sector in crypto, […] people don’t really care how a Rune or BRC-20 works,” Spears said. “They want to trade them as quickly and with as much liquidity as possible.”$DOG is at a $740M market cap and people don’t even know how to buy it yetI’m honestly scared of what will happen when we get our first Tier-1 CEX listing and increase liquidity by an order of magnitudeI’ve never seen a memecoin move upward this violently before— Leonidas (@LeonidasNFT) May 30, 2024Even though the price of Runes has increased notably on Thursday, the assets’ trading volume was tiny compared to other meme coins. The aforementioned DOG has notched $97 million in trading volume over the past day, while the Ethereum-based Pepecoin has racked up $1.5 billion in the same span.Created by the pseudonymous Twitter (aka X) influencer Leonidas, DOG was airdropped after Runes’ release to those who held assets from Leonidas’ Runestone Ordinals project. On Thursday, the account highlighted DOG’s performance amid “Whether it’s other meme coins like Floki, Bonk, or Dogwifhat, a cadre of canine-themed coins have spawned in Dogecoin’s wake. Cheered on by Tesla CEO Elon Musk in 2021, Dogecoin’s rapid popularity has effectively created a pseudo-template for other memetic assets to follow on networks like Ethereum and Solana.Among dog-themed tokens, the Bitcoin-based DOG was top in terms of weekly gains, posting a 73% increase. However, several tokens inspired by Former President Donald Trump have increased more—speaking to the Decentralized exchanges, where anyone can list a token, are core to how many meme coins trade as novel assets, which are often attached to little utility or information. Currently, however, Runes Over the past 30 days, the total sales volume of Bitcoin-based collectibles (including BRC-20s, Ordinals inscriptions, and Runes) has plummeted 70% to $180 million compared to the previous span, according to “Leonidas’ DOG•GO•TO•THE•MOON token was pumping pretty hard, and that generated a lot of internet chatter,” Spears said. “I think right now, everyone’s waiting to see if in fact Runes as a market sector for fungible tokens does come back.”Edited by Andrew HaywardDisclaimerThe views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
