Bitcoin-based memecoins are attracting significant attention amid the rise in the cryptocurrency market. This trend highlights their increasing role in the Bitcoin ecosystem.
Record Growth of Memecoins
With Bitcoin reaching record highs, memecoins such as PUPS, DOG•GO•TO•THE•MOON, and BILLION•DOLLAR•CAT have demonstrated significant profits in a short time. In the last 24 hours, these memecoins have increased in value by up to 35%, while smaller memecoins like CYPHER•GENESIS have surged by 77%. This rise underscores their importance within the Bitcoin ecosystem.
Runes Outperforms BRC-20
The Runes protocol, operating on Bitcoin’s UTXO model, facilitates the creation and management of NFTs. Developed in 2024, Runes offers more effective usage due to its compatibility with Bitcoin’s network structure, reducing network congestion experienced in other token standards. Recent data indicate that Runes’ market value has surpassed that of BRC-20, although there has yet to be significant activity in on-chain metrics.
Memecoins Shine During Low Volatility Periods
Memecoins typically become popular during low volatility phases in the market. They are attracting attention as an alternative investment area supporting Bitcoin’s rise. The appeal of memecoins stems from investors’ pursuit of higher returns. These altcoins are also gaining traction in ecosystems like Ethereum (ETH) and Solana (SOL).
As Bitcoin continues to rise, memecoins remain on the radar of investors, providing opportunities for both speculative profit seekers and those looking to support the Bitcoin ecosystem.
