According to U.Today, Leonidas Leonidas, the developer behind Ordinals and founder of the Runestone project, has suggested that Satoshi Nakamoto, the anonymous creator of Bitcoin, would likely be aware of the current meme coin frenzy if they are still alive. 'It's fascinating to consider that if Satoshi is still alive, he is almost certainly aware of $DOG and the new memecoin trend on his chain,' Leonidas stated on a social media platform.
Runes Protocol, a new token standard that allows the issuance of fungible tokens on the Bitcoin blockchain, was launched after Bitcoin's halving. The protocol was developed by Casey Rodarmor, the developer behind the much-discussed Bitcoin Ordinals. The protocol functions as an additional layer on top of the main chain and operates within Bitcoin's existing infrastructure. Following the launch of Runes Protocol, Bitcoin saw a significant increase in fees. On April 20, it generated 24 times more fees than Ethereum.
However, this spike in fees was short-lived. The protocol's momentum waned in a relatively short period, and Bitcoin fees quickly returned to normal. After the initial excitement faded, the protocol is once again in the spotlight due to the popularity of meme coins. The Bitcoin-based DOG•GO•TO•THE•MOON (DOG) meme coin has seen a nearly 24% increase in the past 24 hours. It is now nearing the top 100 cryptocurrencies by market cap, with its valuation almost reaching $800 million.