Bitcoin
Bitcoin Price Hits $71,000 as Meme Coins ORDI, DOG, and PUPS Surge
The leading cryptocurrency is on the rise again, as Bitcoin reached its highest price in two weeks and approaching the highest point seen since Quadrennial April reduction in half event. It turns out that Bitcoin-based fungible tokens like ORDI and DOG are rising in price, reflecting growing interest in BTC meme coins.
Bitcoin rose above the $71,000 mark on Tuesday, according to Coin base, reaching US$71,042. At a current price of $70,885, per CoinGecko, it is up more than 2% on the day, bringing its 30-day increase to 10%.
But some of the biggest fungible tokens minted on the Bitcoin blockchain via the BRC-20 and Runes token standards are seeing much bigger gains lately – including ORDI, a token that has cooled off in recent months.
ORDI, which was the first token minted last year through the BRC-20 Standard in Bitcoin, it is up nearly 16% on the day, to a current price just below $54. This is the highest price recorded since early April, when BRC-20 assets were cooling in anticipation of the new Runas token protocol launch alongside the April 19th halving.
Now, ORDI has seen a 33% jump in the last week alone, reaffirming its status as the largest Bitcoin-based fungible token by market cap, at $1.13 billion. It is the 92nd largest cryptocurrency overall at that mark, according to CoinGecko.
Other BRC-20 tokens also rose much higher this week, including PUPS (up 121%) and Bitcoin Wizards (WZRD, up 136%). Meanwhile, flagship token Runas has recorded similar gains – and may be gunning for ORDI’s place as the top Bitcoin meme coin.
This newcomer is DOG•GO•TO•THE•MOON, also known as DOG, which is by far the largest token minted on the Runes protocol to date. It was released free of charge to holders of Runestones—an NFT type Registration of ordinals which itself was released for free to early Ordinals collectors – and has since grown by leaps and bounds as it challenges dog-themed meme coins on other networks.
DOG is up 11% on the day and has more than doubled in price over the past week, rising 120% in seven days. At a current price above $0.0095, DOG has a market cap of $960 million. It is down around 2% from the high price set on Tuesday, but does not appear to have lost momentum as the price is rising once again.
The token accounts for a sizable portion of the Runes protocol’s broader market cap, which stands at just over $2.4 billion per data. GeniiData. Runes had an explosive launch in April, but then cooled off for weeks. However, in just the last two weeks we have seen Rune tokens collectively hit and then surpass a market value of US$1 billion for the first time.
None of the biggest dog-themed meme coins by market cap have performed all that well lately. Dogecoin (DOGE) dropped almost 2% for the week, the Ethereum-based Shiba Inu (SHIB) fell 6% during that period, and Solanain BONADO fell 21% in the last week.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.