Ordinals developer Leonidas Leonidas, who also founded the Runestone project, believes that Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is "almost certainly aware" of the current meme coin frenzy on the blockchain if they are still alive.
"It's crazy to think that if Satoshi is still alive he is almost certainly aware of $DOG and the new memecoin trend on his chain," he wrote on the X social media network.
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Runes Protocol, which went live after Bitcoin's halving, is a new token standard that makes it possible to issue fungible tokens on the Bitcoin blockchain. It was developed by developer Casey Rodarmor, the mastermind behind much-hyped Bitcoin Ordinals.
The protocol acts as an additional layer on top of the main chain. It functions within Bitcoin's existing infrastructure.
As reported by U.Today, Bitcoin experienced a massive surge in fees following the launch of Runes Protocol. On Apr. 20, it managed to generate 24 times more fees compared to rival Ethereum. Runes Protocol.
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This massive spike in fees turned out to be short-lived. The protocol's momentum ended up waning in a relatively short period of time, and Bitcoin fees returned to normal relatively quickly.
After the initial hype dissipated, the protocol is once again making waves because of meme coin exuberance.
The Bitcoin-based DOG•GO•TO•THE•MOON (DOG) meme coin has surged by nearly 24% over the past 24 hours over the past 24 hours. In fact, it is now close to approaching the top 100 cryptocurrencies by market cap after its valuation reached nearly $800 million.