TLDR
- Bitcoin’s price has risen above $71,000, marking its highest point since April’s halving event and continuing a 10% climb over the past 30 days.
- Bitcoin-based meme coins like ORDI, DOG, and PUPS have seen significant price surges, with ORDI up 33% in the past week and DOG more than doubling in price.
- The collective market capitalization of tokens on the Bitcoin-based Runes protocol has surpassed $2 billion, with DOG accounting for a sizeable portion at $960 million.
- Fundstrat’s Tom Lee is standing by his $150,000 Bitcoin price target, citing tailwinds from the recent halving, ETF inflows, and widening ownership as key factors.
- The CoinDesk 20 Index declined 1.3% over the past week, with Uniswap (UNI) being the worst performer after a governance vote delay, while Bitcoin and Cardano (ADA) were the only gainers.
Bitcoin has just broke above the $71,000 mark—its highest price since April’s quadrennial halving event. This recent surge comes amidst a broader 10% climb over the past 30 days, signaling renewed interest and optimism in the world’s largest cryptocurrency.
It’s not just Bitcoin that’s making waves; a new generation of Bitcoin-based meme coins is also experiencing significant growth.
Tokens like ORDI, DOG, and PUPS have seen their prices skyrocket, with ORDI marking a 33% jump in the last week alone and DOG more than doubling in value over the same period.
These meme coins are minted on the Bitcoin blockchain using the BRC-20 and Runes token standards, reflecting a growing trend of leveraging Bitcoin’s underlying technology for more than just the original cryptocurrency. ORDI, the first token minted via the BRC-20 standard, now boasts a market capitalization of $1.13 billion, securing its position as the largest Bitcoin-based fungible token.
Meanwhile, the Runes protocol, which launched alongside Bitcoin’s halving in April, has seen its collective token market capitalization surpass $2 billion.
The Runes token DOG•GO•TO•THE•MOON, or simply DOG, accounts for a substantial portion of this value at $960 million. This rapid growth comes as DOG challenges other dog-themed meme coins on various blockchain networks, such as Dogecoin, Shiba Inu, and BONK.
As Bitcoin and its associated meme coins continue to gain traction, some prominent figures in the crypto space are doubling down on their bullish predictions.
Tom Lee, co-founder of Fundstrat Global Advisors, recently defended his ambitious $150,000 Bitcoin price target. Lee cites tailwinds from the recent halving, significant inflows into Bitcoin exchange-traded funds (ETFs), and the widening ownership of the cryptocurrency as key factors supporting his outlook.
Despite the overall positive sentiment, not all cryptocurrencies are enjoying the same success.
The CoinDesk 20 Index, which tracks 20 top digital assets, declined by 1.3% over the past week. Uniswap (UNI) was the worst performer among the index constituents, losing 14% of its value following a delay in a governance vote related to token holder rewards. In contrast, Bitcoin and Cardano (ADA) were the only gainers within the index.
The post Bitcoin (BTC) Breaks $71,000 as Bitcoin-Based Meme Coins ORDI, DOG & PUPS Also Surge appeared first on Blockonomi.