A few days after its launch, the market value was close to that of NodeMonkey. Why did Runestone become the second largest Bitcoin NFT?

As the market value of NodeMonkes surpassed BAYC and became the second largest NFT, relying on the rising market popularity and popularity, the rune project Runestone also successfully became the second largest NFT in the Bitcoin ecosystem by market value a few days after the airdrop. What are the reasons behind Runestone’s high consensus? What strategies are there for reference?

Runestone is an experimental rune project started by Leonidas, the developer of Ordinals, inspired by the rune project RISC. This project is also the largest collection of father and son inscriptions to date, with a total of 112,383, and is designed to reward players who contributed to the first year of Ordinals. However, unlike traditional inscriptions, Leonidas prefers to view Runestone as a MEME coin with no practical use. Runestone was created to spark player interest in Ordinals and reward those who demonstrate passion and dedication to the game. Leonidas hopes to create a more interesting and meaningful gaming experience for players through this project. Although Runestone may not be as functionally practical as traditional inscriptions, as a symbolic reward mechanism, it can

In February of this year, Runestone announced that it had Height 826,600 completed snapshot (first anniversary of the birth of Ordinals). But before the official khaki airdrop, Runestone’s over-the-counter trading was very popular, with the price rising and the transaction volume reaching millions of dollars. Until March 15th, Runestone, which had been warmed up for a long time, officially launched its airdrop, and all inscriptions were distributed in batches to 14,860 addresses.

Runestone still maintains high popularity after the airdrop, with a low listing rate and large investors continuing to add positions. According to OKX Web3 wallet data, as of March 19, Runestone’s floor price increased by more than 169.8% from the day of the airdrop to 0.0372 BTC, and the total transaction volume exceeded 818.6 BTC. Based on the current floor price, Runestone's total market value is approximately 4,180 Bitcoins, worth over $270 million, which is only a 41.3% increase from the market value of NodeMonkes, the No. 1 Bitcoin NFT project.

At the same time, Runestone’s listing rate is only 1.28%. The lower the listing rate, the stronger the consensus. The number of addresses held has exceeded 85,000, with a holding dispersion of 77.55%. Currently, the number of addresses holding more than 2 has exceeded 5,500, among which the number of addresses holding more than 50 has increased to 112. Large households have real money. Silver investment can drive market sentiment to a certain extent.

Runestone still attracts attention after the airdrop, which is due to many factors. On the one hand, Runestone adheres to the principle of fairness and does not conduct team allocation and pre-sales, which is highly respected. According to its airdrop rules, only wallets with at least 3 non-text/JSON inscriptions can receive 1 inscription. This strategy can not only exclude small holders, but also avoid the possibility of large players manipulating the market.

As one of the largest Ordinals airdrops in history, Runestone provides users with free airdrop services, which is particularly valuable in the current high transaction fee environment. In addition to the support of community donations, Runestone will use all 8 BTC (worth approximately $556,000) from the auction of Inscription The Runestone #63140674 to pay for the network fees required for the airdrop. This community support and use of funds adds more fairness and transparency to the airdrop campaign.

On the other hand, community users may be more concerned about the potential airdrop of protocol tokens. According to Casey, founder of the Ordinals protocol, he previously revealed that the main network of the Bitcoin network token protocol Runes protocol will be launched when the Bitcoin halving occurs in 2024. Leonidas recently revealed on social platforms that Runestone will issue MEME coins, holders will be eligible to receive them, and the code and supply of MEME coins will also be determined by the community. As Bitcoin approaches its expected halving on April 21, token expectations have increased the market’s attention to Runestone. In addition, more and more projects are giving Runestone holders more rights and interests. For example, the Ordinals series THE PROPHECY recently whitelisted addresses that have not placed orders for Runestone.

Overall, Runestone’s emphasis on early OG, fair treatment of various user groups, and bottom-up community building atmosphere are all important driving forces for its rapid market expansion.

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