Everybody is waiting for the next bull run leg to start. There have been plenty of shakeouts along the way. So, if you’re still here, you’re doing good. Various sectors are in the spotlight.
For example, AI, RWA, DePIN, and selected L1s. However, there’s a new option for you, Runes. The inscribed Bitcoin sats, or should we call them Bitcoin memes? So, let’s see what’s up with the new Runes rage.
What Are Runes and Sats?
Runes and sats are not the same. So, let me first quickly refresh you on what Runes are. They are sats with an inscription. You can add a picture to a sat, so it becomes an NFT. On the other hand, sats are satoshis. They are the smallest part or unit of each Bitcoin. Each Bitcoin holds 100 million satoshis or sats. They got their name from the pseudonymous Bitcoin creator, Satoshi Nakamoto.
You need a Bitcoin wallet to hold your sats. But you also need a wallet that can distinguish an inscribed sat, like Runes, from a non-inscribed sat. You don’t want to use your inscribed sats for standard sat transfers. Inscribed sats can have a much higher value than being the smallest Bitcoin unit.
You can also argue that sats are memecoins on Bitcoin. Currently, memecoins are in full swing on various chains. For example, on Ethereum, Solana, and Sui. So, Bitcoin is the next one in line. The current Runes collections are up between 40% to 500%.
Runes volume on @MEonBTC is signaling that Memecoins on Bitcoin are entering discovery. Don’t fight it, just trust the process.
High or low volume, we’ll keep cranking on products and community to bring more users onto onchain Bitcoin pic.twitter.com/TnjAmRGzHo
Runes are currently on the rise. They’re the new talk of the town. That’s interesting, since only a few months ago, some people thought that they were dead. However, the Rune believers may have the last laugh in this case. See the picture below.
If you’re familiar with Runes, these names may ring a bell. PUPS•WORLD•PEACE is up 582% over the last 30 days. DOG•GO•TO•THE•MOON reclaimed its $500 million market cap. It’s currently sitting at a $550 million market cap.
Reasons for them to do this good can be the current run of memecoins on Ethereum and Solana. This frenzy is now making waves in Bitcoin memes. This is even though trading Runes is more complicated than trading memecoins. Memecoins you can trade instantly, in any quantity, on a CEX or DEX. On the other hand, you need to manually list Runes in batches, and somebody will buy them. Magic Eden is one of the best-known places to trade them.
But, every disadvantage also has an advantage. In this case, not too many people trade them yet. Their market caps are also still low. See the chart below.
Magic Eden recently announced that it will offer swaps by the end of this month. A better infrastructure could also mean CEX listings. This would bring the Bitcoin memecoins much closer to a mainstream audience. You can bet on the future of Runes. The picture below shows the current market caps of memecoins on three chains.
Here’s an easy guide on how you can buy your first Runes.
Visit Magic Eden. This is an NFT marketplace on Solana. It offers trading on various chains, including Bitcoin. Get some $BTC in your Magic Eden wallet. Buy your first Runes.
However, be aware that Runes have high volatility. Nonetheless, some suggestions are, for example,
DOG•GO•TO•THE•MOON. They’re the most well-known, with not too much volatility. They’re the 3rd Rune ever. PUPS•WORLD•PEACE. This is one of the best memes currently. However, it has high volatility. BILLION•DOLLAR•CAT. A lower market cap Rune. It has very high volatility.
We have so much conviction behind Runes.
Volume has doubled this week, but the timing couldn’t be better to get started.
Memecoin season is in full swing. Ethereum and Solana are the traditional meme chains. However, other chains are knocking on the door now. Bitcoin and its Runes are one of them. Their current market cap is still low. There are also not too many people trading them yet. This makes it an interesting opportunity for Q4 2024.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 