Memecoins built on the Bitcoin network using the Runes token standard have experienced a significant surge in market interest, driven by Bitcoin’s ongoing rally to new all-time highs.
According to data from the NFT platform Magic Eden on Friday (Nov. 22), the token DOG•GO•TO•THE•MOON (DOG) recorded a remarkable 63% increase over the past week. It is currently trading at around 8.25 satoshis (sats) or approximately $0.0079. With a holder count of 95,555, DOG has become the most widely adopted Runes token to date.
This price surge is largely attributed to speculation that Binance might soon introduce futures trading for DOG tokens, following Kraken’s launch of similar futures on Nov. 15.
Other Bitcoin-based memecoins also displayed impressive performance. PUPS•WORLD•PEACE (PUPS) rose by 72% in the last week, trading at 284 sats (approximately $0.281). Meanwhile, BILLION•DOLLAR•CAT (CAT) gained 17%, reaching 148 sats (about $0.146).
Additional tokens like POOKA•CANNOT•BE•STOPPED (POOKA) and GIZMO•IMAGINARY•KITTEN (GIZMO) posted growth rates of 20% and 12%, respectively.
Rising Interest Amid Bitcoin’s Bull Run
The surge in demand for Bitcoin-based memecoins is closely tied to Bitcoin’s historic rally, reaching a record-breaking $99,000. Key factors fueling this momentum include Donald Trump’s reelection as President of the United States and growing enthusiasm surrounding the launch of options trading for Bitcoin spot ETFs in the U.S.
What Are Bitcoin Runes?
Bitcoin Runes is a new type of token that allows issuers to create and manage tokens on the Bitcoin blockchain. The protocol was introduced by Casey Rodarmor in April 2024 alongside Ordinals, an experimental NFT protocol enabling data inscription onto Bitcoin’s blockchain.
Magic Eden, an NFT marketplace, was one of the first platforms to adopt Runes. Data from Dune Analytics indicates that Magic Eden and crypto exchange OKX together account for 96% of the total trading volume for Ordinals-based assets, amounting to $8 million as of Nov. 20.
This growing interest in Bitcoin-based memecoins highlights the expanding use cases for the Bitcoin network and its ecosystem, setting the stage for further innovation and adoption.
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