TL;DR
The Runestone NFT collection has seen a sharp drop of 55% in its value in the last day, now priced at 0.033 BTC (approximately $2,168). This drop occurred following a snapshot taken for the distribution of a meme coin to Runestone token holders.
The creator of Runestone, Leonidas, addressed concerns about the drop in value after the snapshot, stating that the value of a Runestone should be considered as the total value received from it after it was airdropped or bought.
Rumors suggest that several other projects will also be airdropping to Runestone holders in the future. However, there are no guarantees about what other projects will choose to do. Runestone does not collaborate with any projects, maintaining its status as an open, permissionless movement akin to Bitcoin.
The value of the Runestone NFT collection has sharply decreased by 55% in the last day, now priced at 0.033 BTC (approximately $2,168). This drop occurred following a snapshot taken at Bitcoin block 840,269 for the distribution of a meme coin to Runestone token holders.
A reminder that even after the Runestone snapshot for $DOG in 18 blocks that Runestone holders will still be receiving two more Runes memecoin airdrops.
One later this year and one when $DOG becomes the #1 memecoin in the world.
Rumor has it that several other projects will be… pic.twitter.com/Lo3lzu1qso
— Leonidas (@LeonidasNFT) April 21, 2024
The Runestone NFT collection reached its peak floor price of 0.095114 BTC (around $6,250) on April 11. But, there has been a significant decrease lately with a 55% drop in the 24-hour trading volume, now standing at 2.63 BTC. As of April 22, there are 112,400 Runestone NFTs in existence, owned by 75,540 individuals. The collection’s total market cap is currently at $244,562,012.
Leonidas, the creator of Runestone, spoke about the worries in the digital asset community regarding the drop in the NFTs’ value after the snapshot. Leonidas stated:
“Inevitably some low IQ folks will complain that the floor of Runestone drops after this snapshot. This is obviously an irrational take. You should think of the value of a Runestone as the total value you received from it after the moment you were airdropped it or bought it.”
The Future of Runestone: Airdrops and Market Speculation
Rumors are swirling that several other projects will also be airdropping to Runestone holders in the future, including two <10 Runes. Many Ordinals mints have chosen to whitelist Runestone holders in the past. However, there are no guarantees about what other projects will choose to do. Runestone does not collaborate with any projects, maintaining its status as an open, permissionless movement akin to Bitcoin.
Leonidas went on to explain that those who own the Runestone NFTs should bear in mind that collectively, they will qualify for three airdrops, one of which has already concluded. The creator noted that one should “look back at the total value of DOG and all other airdrops to Runestone holders when calculating the total value of the original Runestone airdrop”.
This event serves as a reminder of the volatile nature of the crypto market. While the Runestone NFT collection has seen a significant drop in its floor price, it remains to be seen how the market will react in the coming days.