🔥🔥🔥 Bitcoin #BRC20 Token Prices Plunge Ahead of Halving—Are Runes to Blame?
Fungible Bitcoin tokens following the BRC-20 standard are experiencing significant downturns ahead of the Bitcoin halving and the upcoming Runes protocol launch. Among the top five BRC-20 tokens by market cap—ORDI, SATS, MUBI, and ORDS—four have seen declines, with only PUPS skyrocketing by 139%.
#ORDI and #SATS have dropped by 43.4% and 46.6%, respectively, while PUPS surged 1,000% to a $365 million market cap. According to Isabel Foxen Duke of Unbroken Chain, while meme tokens like PUPS are thriving, Ordi is facing a downturn, largely due to anticipation surrounding the Runes protocol.
Other lesser-known BRC-20 tokens are gaining momentum, with PIZA rising by 635.9% and PEPE by 137.5%. Ordi, launched in April 2023, peaked at $95.52 with a market cap of $928 million but has since dropped 53% and exited the top 100 BRC-20 coins.
Inscription bridges are also affected, with MUBI down 1.9% and ORDS down 29.8% for the week. Foxen Duke suggests liquidity is being withdrawn from Ordinals projects ahead of the Runes launch, but expects reinvestment once the hype subsides.
"People are gearing up to trade into Runes," she said. "There's a desire for liquidity ahead of the halving to capitalize on whatever Runes has to offer."
Source - decrypt.co
