1. Bitcoin-based memecoins trend
As Bitcoin ($BTC ) surges to a record high of $93,000, Bitcoin-based memecoins like PUPS, DOG•GO•TO•THE•MOON, and BILLION•DOLLAR•CAT (BDC) are becoming a new trend attracting retail investors. These tokens are seen as a “beta bet” on Bitcoin’s growth as the larger market begins to cool off.
Over the past 24 hours, these tokens have surged, with:
• PUPS, DOG, BDC, MEME up to 35%.
• CYPHER•GENESIS (CYPHER) surged more than 77%.
According to CoinGecko, these are the tokens leading the growth across all crypto assets tracked.
2. Runes Protocol and the Evolution of the Bitcoin Ecosystem
The development of these tokens is supported by Runes Protocol – a new protocol on Bitcoin, launched in early 2024, to manage and create #tokens fungible tokens.
• Runes uses Bitcoin's UTXOs (Unspent Transaction Outputs) model to alleviate network congestion caused by “junk” tokens from standards like BRC-20.
• According to data, Runes' market capitalization has surpassed BRC-20 in the past 24 hours, marking a major shift in the Bitcoin-based token ecosystem.
3. Bitcoin's Momentum and the Impact of Politics
Bitcoin's growth over the past 30 days (up more than 30%) was driven by Donald Trump's victory in the US presidential election. Trump's crypto-friendly policies have boosted optimism across the crypto market, while also drawing attention to Bitcoin memecoins.
4. Memecoins: Investment in a Less Volatile Market
Memecoins often attract investors when other areas of the crypto market become less volatile. Specifically:
• They provide experimental investment opportunities in new ecosystems like Bitcoin, Solana, or $ETH .
• In the past, memecoins of the $SOL network also increased sharply from the end of 2023 to March 2024, contributing to the growth of the SOL network.
5. The Future of Bitcoin Memecoins
While Runes’ on-chain metrics have not yet recorded growth, experts believe that social activity and market sentiment will drive token prices first. This suggests that interest in Bitcoin memecoins could continue to grow as the market moves closer to new highs.
In short
The rise of Bitcoin-based memecoins reflects growing investor interest in alternative assets amid Bitcoin’s historic highs. These tokens not only provide experimental investment opportunities but also contribute to the growth of the Bitcoin ecosystem.