The BRC20 token economy has reached a market valuation of over $2.8 billion, as reported by a leading market cap aggregation website. As a result of the launch of the new token standard, tokens derived from the Runes protocol are now undergoing price discovery. Let’s take a closer look at several popular runes tokens and their current market values.
The introduction of the Runes protocol has sparked a new trend of tokenization and market speculation for Bitcoin. Many tokens originating from the Bitcoin blockchain are now actively traded and hold real-world value. One way to assess the value of these tokens is through Okx’s non-fungible token (NFT) marketplace, which features listings for Ordinals and BRC20s.
Following the halving event, runes have experienced increased trading volumes and significant market caps. For instance, the Runes-based token Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z, also known as Z•FEHU, is currently trading at 25,999 satoshis or $17.21 per token. The day before, on April 20, Z•FEHU traded at 64,999 satoshis or $42 per token. This token was created during the halving at block 840,000 and has a circulating supply of 110,010,564 Z•FEHU. It has 110,000,000 premined tokens, with an additional 19,780 mints at 7:00 a.m. (EDT) on Sunday.
According to Okx, there are 3,885 holders of Z•FEHU, and there have been 216 sales in the marketplace so far. At the current price, the fully diluted valuation of Z•FEHU would be approximately $2.07 billion. Another token from the Runes protocol universe featured on Okx is RSIC•GENESIS•RUNE, or simply RSIC. It has recorded 686 sales to date, with a base price of 19.6 satoshis, equivalent to $0.012 per token at 7:00 a.m. (EDT).
The fully diluted valuation of RSIC is estimated to be $267.37 million. However, RSIC has a total supply of 21 billion tokens, all premined by the sole creator. Due to the novelty of runes tokens and their limited liquidity compared to more established cryptocurrencies, market valuations can be extremely high and subject to significant fluctuations, especially in emerging markets with developing liquidity.
Another popular Runes-based token, SATOSHI•NAKAMOTO, also known as SN, has already achieved 5,293 sales. According to Okx, there are currently 19,862 holders of SN. This token has a total supply of 21,169,700, with 4,200,000 premined tokens. With a trading volume of $2.8 million, SN is currently trading at 9,550 sats or $6.21 per coin, resulting in a market cap of approximately $132.3 million on Sunday morning.
Other active Runes-based tokens on Okx include ‘MEME•ECONOMICS,’ ‘THE•TICKER•IS•ELSA,’ ‘RARE•PUPS•PUPCASH,’ ‘UNCOMMON•GOODS,’ and ‘ANARCHO•CATBUS.’ These new tokens are attracting buyers for various reasons, such as their origins, speculative potential, and connections to existing BRC20 and Ordinal projects.
While it is too early to predict the future demand for Runes-based tokens, enthusiasts are optimistic about the significant increase in value within this emerging economy. While some may view this recent trend as temporary, the impact and reach of runes tokens have undoubtedly made a profound impression.
What are your thoughts on the latest trends in Runes-based tokens? Share your opinions in the comments section below.
