Bitcoin ecosystem traffic competition: dogs and pizza take the lead

Author: Weilin, PANews

The Runes protocol of the Bitcoin ecosystem is experiencing a new wave of enthusiasm recently. An important driving factor is the rise of the Rune meme coin DOG•GO•TO•THE•MOON (DOG), whose price has risen by 165.6% within the month, and was reported at $0.008065 on the afternoon of June 7. In addition, rumors are spreading that it will be listed on centralized exchanges.

Since its launch on April 20, the development of Runes has lasted for one and a half months. As of June 8, the total market value of the Runes protocol reached $1.94 billion, and the 24-hour trading volume reached $6.28 million. On the same day, the market value of BRC 20 was $2.49 billion, and the influence of Runes directly challenged BRC20.

Some analysts believe that the reasons for this round of DOG growth boom include the overall market recovery, the active participation of Western builders and the "out-of-circle" effect brought about by the spread of TikTok YouTube bloggers. However, in the BTC ecosystem, competition is fierce. Unisat has airdropped the "Pizza" inscription to eligible user wallets, with the airdrop scale reaching 200,738 active addresses, more than twice the scale of the previous Runestone airdrop, and also the largest airdrop in the Bitcoin ecosystem.

Rune daily trading volume shows a V-shaped rebound

Since its launch on April 20, Rune has lasted for one and a half months. At present, Rune Protocol has performed well in the market, and its daily trading volume has shown a V-shaped trend in the past period of time. Data shows that due to the high attention it received when it went online, the trading volume of Rune Protocol rose rapidly in the first ten days. However, the cooling of the Bitcoin market in May caused a significant decline in the trading volume of Rune Protocol. But since May 22, the backlog of market sentiment has been released, and the trading volume of Rune Protocol has risen again.

Currently, the three main markets for rune trading are MagicEden, OKX and UniSat. Among them, MagicEden's trading volume accounts for half of the market, followed by OKX, while Unisat, the main trading market in the early days of the Bitcoin ecosystem, has a trading volume of less than 10%.

DOG is firmly in the lead, and DOG's rise may be due to "out of the circle"

Previously, there was a lack of clear leading tokens in the rune ecosystem. Now, DOG stands out with its strong market consensus and builds consensus with its increase.

As of June 7, the price of DOG•GO•TO•THE•MOON was $0.008065. Although it fell back by 11.43% from the previous day, the monthly increase was as high as 165.6%. DOG's market value has reached $816 million, surpassing BRC20's SATS, which has a market value of $727 million. DOG is only $500 million away from ORDI's market value of $1.33 billion.

Unlike the BRC20 period, which was dominated by Asian players, Runes spans across China and the West, with both Eastern and Western players participating, and the consensus is more extensive. The community also analyzed that because of its popularity and market value, DOG is expected to be listed on major exchanges such as Binance or Coinbase. Crypto blogger Bitlili pointed out in a Space at Bitcoin Square that many people believe that DOG's rise is due to the expectation that it will be listed on major platforms such as Binance, but the underlying logic is that the listing of exchanges will lower the trading threshold of DOG. In addition, DOG also has an out-of-circle effect. A large number of blogger videos have appeared on TikTok and YouTube, attracting the attention of people outside the circle. Following DOG, on June 7, the second rune market value was RSIC•GENESIS•RUNE, with a market value of US$232 million, while PUPS•WORLD•PEACE had a market value of US$204 million.

At the same time, on June 7, some new Rune projects were also hotly minted, such as COOK•THE•MEMPOOL (1,132 minters), GANGSTER•GOOSE (711 minters), THE•RUNE•FATHER (662 minters).

Bitlili believes that the wealth effect of various tokens has emerged, attracting investors who have been on the sidelines of Runes. They have joined the Rune ecosystem and even switched from BRC20 to Runes.

0xSea.eth, the owner of Sea Talk, believes that BRC20 ushered in the first wave of enthusiasm from April to June last year, with ORDI listed on GATE and OKX exchanges, and ORDI and SATS listed on Binance at the end of the year. If the Runes market explodes again in early June, it is expected that June to August will become a new round of peaks.

Despite this, some people believe that this round of Rune IPO boom is different from BRC20, and the performance of new assets on the chain is not satisfactory. From the perspective of asset liquidity, the transaction volume of rune casting on the Bitcoin chain far exceeds the transaction volume of rune buying, selling and transferring, which shows that most new rune assets may face certain liquidity difficulties after casting, and the secondary market lacks sufficient funds to take over. If we want to promote the further development of the rune ecosystem, this issue cannot be ignored.

Unisat strikes back, airdrops PIZZA to attract attention

After the advent of runes, inscriptions were "banished" by traders, which can be seen from the trading volume. According to GeniiData data, as of June 7, in the distribution of Bitcoin transactions in the past 24 hours, Runes transactions accounted for 52.71%, Ordinals transactions accounted for only 6.47%, and other transactions accounted for 40.82%.

Just as Runes regained market attention, Unisat launched a powerful counterattack. On May 22, at the 14th Bitcoin Pizza Festival in the currency circle, Unisat announced that it would airdrop the "Pizza" inscription to eligible user wallets. The scale of this airdrop reached 200,738 active addresses, which is more than twice the scale of the previous Runestone airdrop and the largest airdrop in the Bitcoin ecosystem.

At present, all Pizzas have been engraved. As of 5 pm on June 7, according to the OKX Web3 wallet, the floor price of Pizza was $4.9. Various over-the-counter trading groups have emerged around Pizza, and exchanges such as Gate have also taken the lead in going online.

In general, the activity of the Rune ecosystem continues to increase, and the number of holders of early projects and the background of the project parties have become important references for finding targets. The rejuvenation of the Rune ecosystem and the rise of DOG have injected new vitality into the cryptocurrency market.

In the future, whether the Rune Protocol can continue to lead the market will take time to verify. And a war between dogs and pizza seems to be about to start.