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The leading cryptocurrency is on the rise again, as Bitcoin it hit its highest price in two weeks and approached the highest point seen since then The quadrennial halving in April event. This comes as Bitcoin-based fungible tokens such as ORDI and DOG are rising in price, reflecting the growing interest in BTC meme coins.
On Tuesday, Bitcoin rose above the $71,000 mark Coinbase, going up to $71,042. At the current price of $70,885, per CoinGecko, it rose more than 2% on the day, pushing its 30-day increase to 10%.
But some of the largest fungible tokens minted on the Bitcoin blockchain via the BRC-20 and Runes token standards are seeing much bigger gains as of late, including ORDI, a token that has cooled in recent months.
ORDI, which was the first token minted last year via the domain BRC-20 standard on Bitcoin, it rose nearly 16% on the day, reaching a current price just below $54. This is the highest price recorded since early April, when BRC-20 assets were essentially cooling in anticipation of the crisis. new rune token protocol launching in conjunction with the halving on April 19th.
Now ORDI has jumped 33% in the last week alone, reaffirming its status as the largest Bitcoin-based fungible token by market cap of $1.13 billion. According to CoinGecko, it is the 92nd largest cryptocurrency ever with this figure.
Other BRC-20 tokens are also up much more this week, including PUPS (up 121%) and Bitcoin Wizards (WZRD, up 136%). Meanwhile, the flagship Runes token has seen similar gains and may be aiming to replace ORDI as the leading Bitcoin meme coin.
That newcomer is DOG•GO•TO•THE•MOON, or DOG, which is by far the largest token minted on the Runes protocol so far. It was delivered free of charge to owners of Runestones-an NFT type Registration of ordinals that same one was given out free to early Ordinals collectors and has since grown by leaps and bounds challenging dog-themed meme coins on other chains.
DOG is now up 11% on the day and has more than doubled in price over the past week, rising 120% in seven days. At a current price above $0.0095, DOG has a market cap of $960 million. It is down about 2% from the all-time high price set last Tuesday, but does not appear to have lost momentum as the price is rising once again.
The token represents a sizable portion of Runes Protocol’s larger market capitalization, which stands at just above $2.4 billion per data from GeniiData. Runes had an explosive launch in April, but then went cold for weeks. However, in just the last couple of weeks, we’ve seen Rune tokens hit collectively and then surpass the $1 billion market cap for the first time.
None of the largest dog-themed meme coins by market capitalization have fared as well lately. Dogemoneta (DOGE) fell nearly 2% on the week, the Ethereum-based Shiba Inu (SHIB) fell 6% during that period and Solana‘S BONK it has fallen 21% in the last week.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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