Missed BTC Rally to $93K? Bitcoin Memecoins Could Be Next to Watch
Bitcoin-based memecoins are experiencing significant growth among crypto traders, with tokens like PUPS, DOG, BDC, and MEME rising up to 35% in 24 hours, and CYPHER increasing over 77%. The market capitalization of Runes tokens has surpassed that of the BRC-20 protocol. Bitcoin's price has increased by more than 30% in the past month, partly due to positive sentiment from Donald Trump's presidential campaign. Runes, created in 2024, facilitate the management of fungible tokens on Bitcoin using its UTXOs model, potentially alleviating network congestion. Despite the price increases, on-chain metrics for Runes show no significant uptick. Memecoins have gained popularity as beta bets amid low volatility in traditional crypto sectors and negative sentiment towards venture capital-backed tokens. Similar trends have been observed in Solana-based meme coins, which surged alongside SOL token growth from December 2023 to March.
