Recently, the cryptocurrency market as a whole has shown a turbulent and generally falling trend, which may be due to the multiple influences of the increase and decrease of Bitcoin ETF holdings, the increase in mining costs for miners, and the decline in the macro market's expectations for the Federal Reserve's interest rate cut. Despite this, the Runes of the Bitcoin ecosystem are still active in this wave of decline, forming a meme "small bull market" dominated by animal themes.
This market trend is mainly dominated by various animal Meme coins, including some highly-anticipated representative tokens, such as DOG•GO•TO•THE•MOON, “Billion Cats” BILLION•DOLLAR•CAT, wolf-themed token LOBO•THE•WOLF•PUP, etc. Animal coins such as STUPID•SILLY•CAT have soared by 1517.06%.
Despite this, the market of animal coins seems to be booming, but there are also many hidden concerns behind it. In this article, PANews will analyze the market performance, basic situation and potential risks of these Runes animal meme coins.
The market is turbulent and bearish, but Runes Animal Coin bucks the trend
According to data from Coingecko, as of 3:00 p.m. on June 18, the total market value of cryptocurrencies fell to $2.48 trillion, a 2.2% drop in 24 hours. Among them, Bitcoin (BTC) has a market share of 52.1% and Ethereum (ETH) accounts for 17%. In the past 24 hours, the total contract liquidation amount in the crypto market reached $464 million, of which long orders liquidated $403 million and short orders liquidated $61.2624 million.
However, in the context of the overall bear market, runes showed strong activity. On June 18, the 24-hour trading volume was $7.46 million, up 30.30%. Among them, the performance of animal meme coins was particularly eye-catching, forming a "zoo" market. In terms of market value, the top animal meme coins include DOG•GO•TO•THE•MOON, with a market value of $6.09 as of June 19. This is also the No. 3 rune of Runes, the initiator of deploying artificial runes, Leonidas.
The second largest token in terms of market capitalization is BILLION DOLLAR CAT, with a market capitalization of $66.14 million, known as the second "Mao Cong". The wolf-themed token LOBO THE WOLF PUP has a market capitalization of $35.8 million. This is also the No. 9 rune, deployed by Buoyant Capital @_BuoyantCapital. Following closely behind is the dog-related token WANKO MANKO RUNES, with a market capitalization of $11.01 million.
Wolf-themed token LOBO•THE•WOLF•PUP Animal "gathering", cat and dog themes are still the main theme
In terms of price increase, the animal coin STUPID•SILLY•CAT, with a market value of $1.31 million, ended its minting at around 9:20 a.m. on June 18, with a price surge of 1517.06%. This token currently has 1,417 holders and 1,807 minters.
Meanwhile, ANIMALS•FACING•LEFT has seen a 364.00% price increase, but currently has only 164 holders.
In terms of trading volume, DOG•GO•TO•THE•MOON ranks first with a 24-hour trading volume of 1.9 million US dollars, followed by BILLION•DOLLAR•CAT with a trading volume of 1.63 million US dollars. The hot STUPID•SILLY•CAT has a trading volume of 560,000 US dollars. Although the market value of animal memes on Runes is not low, the daily trading volume is not large. In contrast, DOGE's trading volume was 394 million US dollars, Pepe reached 574 million US dollars, Solana's meme WIF trading volume reached 327 million US dollars, and BONK reached 146 million US dollars.
In the Dogecoin category, in addition to the already mentioned DOG•GO•TO•THE•MOON, there are some other projects worth noting, such as REST•IN•PEACE•HARAMBE, which is an old project based on doge, but has been silent for a while. DOGS•DAO•MEMECOIN has attracted retweets from Leonidas, the founder of DOG•GO•TO•THE•MOON. In addition, in the Dogecoin category, there are memes such as BILLION•DOLLAR·DOG and SPARKY•RUNEDOG, which are benchmarked against Billion Cats.
It is worth mentioning that the 5th rune DOG•DOG•DOG•DOG•DOG, although the identity of the project owner has not been made public, it was reported that they spent 7.6 BTC to deploy it. However, the project owner is still keeping a low profile, and the token has a 100% pre-mining phenomenon.
In the cat coin category, two rainbow cats, NON•STOP•NYAN•CAT and POP•TART•NYAN•CAT, have also attracted much attention. NON•STOP•NYAN•CAT is famous for being the rainbow cat of BTC’s ancestor cat, while POP•TART•NYAN•CAT is an earlier rainbow cat project with relatively few foreign holders.
In addition, Hamster Coin SAIKO•HAMSTER and Elephant THE•ELEPHANT•IN•THE•RUNE are also quite popular. SAIKO•HAMSTER is supported by the project party and currently has a market value of 2.46 million US dollars. Elephant is also supported by the project party and currently has a market value of 124,000 US dollars, but there are currently fewer holders, only 362.
Other animal projects include duck UNGOVERNABLE, koala KOALA•ON•IMPALA and other themed tokens, which have also attracted some discussion and attention.
With the risk of whale manipulation, can it truly drive the bull market?
From the perspective of investors and users, in the current crypto market, runes and animal meme coins, as emerging asset classes, have aroused enthusiasm but also hidden some risks. In particular, from the previous data statistics, it can be found that the overall trading volume of tokens is currently low and there are few participants. If the project party controls most of the supply tokens, this highly concentrated holding makes the market price vulnerable to manipulation by a few large holders, who can influence market trends through large-scale buying and selling operations.
On June 18, a crypto market user observed the market trend of wizard meme coins and expressed his opinion: "There are seven or eight wizard runes, and none of them have not returned to zero." This reflects concerns about market volatility and the long-term value of some memes. Some users also used buying "lottery tickets" to describe their operations on Runes.
In addition, if there is a lack of real market liquidity, funds may not flow to projects with sustainable development potential, but instead flow into these popular memes. Some promoters may also influence the market through social media, news, etc., causing the prices and trading volumes of certain tokens to rise rapidly.
For example, on June 16, a crypto user pointed out this phenomenon: "After (runes) are deployed, find those who shout orders and send a tweet to attract speculators to mint. The names they use are all kinds of hype. If the project takes off, they will sell out and run away. If they don’t take advantage, it doesn’t matter, move on to the next one." This kind of speculative behavior may exacerbate market instability and bubble risks.
As of June 18, there are 74,454 protocol heads (TICKS) on Runes and 619,009 holders. In general, despite the overall market turmoil and bearish background, Runes' animal meme coins have formed a unique "zoo" landscape, bringing a certain vitality to the market. But users still need to remain vigilant. Continuously paying attention to market dynamics and rational investment are the keys to staying stable in this wave of market heat.