Runes’ market value is close to one billion US dollars! However, there is a lack of growth momentum in the near future

The Runes protocol (Runes) was released on 4/20 when Bitcoin was halved. It has been a month since then. A total of nearly 70,000 rune tokens have appeared, with a total market value. It is about US$920 million, but it presents an oligopoly market, with only a few leading projects such as DOG•GO•TO•THE•MOON having a higher market value.

Runes market status

• The market value of Runes protocol is close to one billion US dollars but has stopped growing

Runes protocol is online on Bitcoin The network has been around for just over a month, and its current total ecological market value is approximately US$934 million. What is the concept of a total market value of US$934 million? The current market value of BTC is about US$1.3 trillion, ETH is about US$370 billion, and BRC20 tokens are about US$2 billion. It can be seen that the current rune market is still very small.

Interestingly, Casey, the developer of Runes Protocol, once joked that if the market value of Runes Protocol did not reach US$1 billion within one month of its launch, he would commit suicide. The current highest market value of Rune Protocol is approximately US$998.6 million. It seems that although Casey's prediction was slightly missed, it is still quite accurate.

Casey is full of confidence in Rune Protocol

However, compared to Rune Protocol, which was just launched, its market value quickly climbed to 900 million US dollars in a few days. In fact, there has been no further growth in the past month, the overall market value has not fluctuated much, and the market lacks vitality and narrative.

• Rune Protocol presents an oligopoly market

Looking at individual projects, the first place is DOG•GO•TO issued by the Runestone team •THE•MOON, with a market value of approximately US$257 million, shows the effectiveness of its airdrop strategy. The second and third places are PUPS•WORLD•PEACE with a market value of US$159 million and RSIC•GENESIS•RUNE with a market value of US$158 million respectively.

It is worth noting that the market value of the top three rune projects mentioned above accounts for 61% of the total market value of all 70,000 runes, because except for a few projects The market value exceeds tens of millions, and most of the remaining projects have almost no market value, showing an oligopolistic market.

Rune lacks growth momentum

Rune is currently mostly Meme coins, so it attaches great importance to market narrative and the current environment and market atmosphere. After the Bitcoin halving event, its ecology including Ordinals, BRC20, and BTC Layer also seemed to have stagnated for a period of time. The lack of a strong growth momentum also seems to have affected the development of Rune Protocol.

However, the advantage of Meme is that a new explosion can happen at any time. Perhaps waiting for the market to promote new stories, we can see new rune projects springing up quickly, just like the development of Meme in the Ethereum and Solana ecology in the past. The route is so unpredictable.

Based on fundamentals, Rune Token may be the next level of economic focus for the development of the Bitcoin ecosystem, and its application value is also very interesting in the long run.

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