- Bitcoin is surging once more, achieving its highest value in two weeks as interest in BTC meme coins increases.
- The market is seeing significant increases in Bitcoin fungible tokens like ORDI and DOG, driven by the BRC-20 and Runes token protocols.
- ORDI, the first token minted last year via the BRC-20 standard, saw its price surging by nearly 16% in one day, hitting records not seen since April.
Bitcoin reaches a two-week high as BTC-based tokens show impressive gains, reflecting an increasing interest in cryptocurrency investments.
Bitcoin’s Recent Price Surge
Bitcoin has recently climbed above the $71,000 mark, peaking at $71,042 this Tuesday according to Coinbase’s latest data. Currently valued at approximately $70,885 on CoinGecko, Bitcoin has experienced a 2% increase in a single day, contributing to a 10% rise over the past thirty days. This rally is coinciding with increased attention and investment in Bitcoin-based meme coins.
Notable Performances of Bitcoin Fungible Tokens
Among the top-performing tokens minted on the Bitcoin blockchain, ORDI stands out. Minted via the BRC-20 token standard, ORDI has seen a price surge by almost 16% in a single day, reaching nearly $54. This surge brought its market capitalization to approximately $1.13 billion, securing its place as the largest Bitcoin-based fungible token and the 92nd largest cryptocurrency overall.
Surging Interest in BRC-20 and Runes Tokens
The BRC-20 tokens, including PUPS and Bitcoin Wizards (WZRD), have seen significant price increases this week, with PUPS up by 121% and WZRD by 136%. Moreover, the Runes protocol is witnessing a similar trend with its leading token, DOG•GO•TO•THE•MOON or DOG, showing impressive performance by doubling in value over the past week. DOG now holds a market cap of $960 million, despite a slight drop from its all-time high set earlier this week.
DOG: A Rising Star on the Runes Protocol
As the premier token of the Runes protocol, DOG has been making waves in the crypto market. Distributed freely to holders of Runestones, DOG has seen rapid growth, doubling in price over the last week. Currently priced just above $0.0095, DOG contributes significantly to the Runes protocol’s total market cap, which now exceeds $2.4 billion, marking a resurgence in investor interest.
Comparative Performance of Dog-Themed Meme Coins
While DOG and other Runes tokens are on the rise, traditional dog-themed meme coins have not fared as well recently. Dogecoin (DOGE) experienced a slight decline of nearly 2% this past week. Shiba Inu (SHIB), based on the Ethereum blockchain, saw a 6% decrease, and Solana’s BONK took a significant hit, dropping by 21% over the last seven days.
Conclusion
The recent uptick in Bitcoin’s value, combined with the surging interest in Bitcoin-based fungible tokens like ORDI and DOG, highlights a reinvigorated market appetite for crypto investments. The notable performance of BRC-20 and Runes protocol tokens signifies a potential shift in market dynamics, presenting new opportunities and challenges for investors. As traditional meme coins face downturns, the resilience and growth of new tokens hint at evolving preferences within the cryptocurrency community.
