In recent days, the overall cryptocurrency market has been turbulent and falling. However, the Rune ecosystem of Bitcoin is still active in this downturn, creating a meme trend dominated by animal themes called the “mini bull market”.
This trend is mainly driven by various animal meme coins, including some notable representative tokens such as DOG•GO•TO•THE•MOON, “Billion Dollar Cat”, and LOBO•THE•WOLF•PUP, among others. The animal coin STUPID•SILLY•CAT has even surged by 1517.06%.
Despite the prosperity of animal meme coins, there are also hidden concerns. In this article, PANews will analyze the market performance, basic information, and potential risks of these Rune animal meme coins.
Amidst the bearish market, Rune animal meme coins defy the trend
According to data from CoinGecko, as of 3:00 PM on June 18th, the total market value of cryptocurrencies has dropped to $2.48 trillion, with a 24-hour decline of 2.2%. Bitcoin (BTC) holds a market share of 52.1%, while Ethereum (ETH) accounts for 17%. In the past 24 hours, the total amount of liquidations in the crypto market was $464 million, including $403 million in long positions and $61.26 million in short positions.
However, in the background of the overall market downturn, Runes show strong activity. The 24-hour trading volume on June 18th was $7.46 million, with a 30.30% increase. In particular, the performance of animal meme coins is outstanding, creating a “zoo” trend. In terms of market capitalization, the top animal meme coins include DOG•GO•TO•THE•MOON with a market value of $609 million as of June 19th. This is the 3rd Rune deployed by Leonidas, the initiator of the Rune stone.
The second-largest in market capitalization is “Billion Dollar Cat” with a market value of $66.14 million, known as the second “Cat Satoshi”. The wolf-themed token LOBO•THE•WOLF•PUP has a market value of $35.8 million, and it is the 9th Rune deployed by Buoyant Capital@_BuoyantCapital. Following closely is the dog-related token WANKO•MANKO•RUNES with a market value of $11.01 million.
Animal “party”, cat and dog themes still dominate
In terms of price increase, the animal coin STUPID•SILLY•CAT, with a market value of $1.31 million, experienced a significant surge of 1517.06% on June 18th around 9:20 AM when its minting ended. This token currently has 1,417 holders and 1,807 minters.
Meanwhile, the price of ANIMALS•FACING•LEFT has increased by 364.00%, but it currently only has 164 holders.
In terms of trading volume, DOG•GO•TO•THE•MOON ranks first with a 24-hour trading volume of $1.9 million, followed by BILLION•DOLLAR•CAT with a trading volume of $1.63 million. The popular STUPID•SILLY•CAT has a trading volume of $560,000. Although the animal meme coins on Runes have a considerable market value, their daily trading volume is not high. In comparison, DOGE’s trading volume is $394 million, Pepe reaches $574 million, Solana’s meme WIF has a trading volume of $327 million, and BONK can reach $146 million.
In the category of dog coins, besides DOG•GO•TO•THE•MOON mentioned earlier, there are other projects worth mentioning, such as REST•IN•PEACE•HARAMBE, which is based on the doge prototype but has been quiet for some time. DOGS•DAO•MEME•COIN has also attracted attention with retweets from Leonidas, the founder of DOG•GO•TO•THE•MOON. In addition, there are other dog coins such as BILLION•DOLLAR•DOG and SPARKY•RUNEDOG that aim to emulate the success of “Billion Dollar Cat”.
It is worth mentioning that the 5th Rune, DOG•DOG•DOG•DOG•DOG, although the identity of the project party has not been revealed, it is reported that they spent 7.6 BTC for deployment. However, the project party is currently keeping a low profile, and this token has a 100% pre-mine phenomenon.
In the category of cat coins, two rainbow cat tokens, NON•STOP•NYAN•CAT and POP•TART•NYAN•CAT, have also gained attention. NON•STOP•NYAN•CAT is famous for riding on the rainbow cat of the BTC ancestor, while POP•TART•NYAN•CAT is an earlier rainbow cat project with relatively fewer foreign holders.
In addition, there is also SAIKO•HAMSTER, a hamster-themed coin, and THE•ELEPHANT•IN•THE•RUNE, an elephant-themed coin, which have gained some popularity. SAIKO•HAMSTER has project support and a current market value of $2.46 million, while THE•ELEPHANT•IN•THE•RUNE also has project support with a current market value of $124,000, although it has fewer holders at 362.
Other animal projects such as UNGOVERNABLE (duck) and KOALA•ON•IMPALA (koala) have also sparked discussions and attention.
Existence of whale manipulation risks, will it truly drive a bull market?
From the perspective of investors and users, as emerging asset classes in the current cryptocurrency market, Runes and animal meme coins generate enthusiasm but also carry certain risks. In particular, the low overall trading volume and limited participation of tokens can make market prices susceptible to manipulation by a few large holders who can influence market trends through large-scale buying and selling.
On June 18th, a crypto market observer commented on the meme coin trend: “Runes have had seven or eight wizards, and none of them have survived.” This reflects concerns about market volatility and the long-term value of some memes, with some users comparing their operations on Runes to buying “lottery tickets”.
Furthermore, if there is a lack of genuine market liquidity, funds may not flow into projects with sustainable development potential but instead concentrate on these popular memes. Some influencers may also manipulate the market through social media and news, causing rapid increases in the prices and trading volumes of certain tokens.
For example, on June 16th, a crypto user pointed out this phenomenon and said, “After deploying Runes, they send tweets to attract speculators to mint, and the names are all about riding the popularity. If they succeed, they will dump their own holdings and move on to the next one.” This speculative behavior can exacerbate market instability and bubble risks.
As of June 18th, there are a total of 74,454 protocol heads (TICKS) on Runes, with 619,009 holders. Overall, despite the bearish backdrop of the market, the animal meme coins on Runes have created a unique “zoo” landscape and brought some vitality to the market. However, users still need to remain vigilant. Keeping an eye on market trends and investing rationally is key to maintaining stability in this market frenzy.
Tags:
Billion
MEME
Rune
Bitcoin
Source link: https://www.panewslab.com/zh/articledetails/m1mpac40.html
Note: The views expressed in the article are solely those of the author and do not constitute investment advice.
Original article link: https://www.bitpush.news/articles/6893053
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