Bitcoin’s Rise Fuels Meme Coin Surge

The cryptocurrency landscape is witnessing a notable upswing as Bitcoin ascends to its highest price in two weeks, nearing the peak levels observed since the significant halving event in April. This resurgence has sparked a broader rally, particularly noticeable in Bitcoin-based fungible tokens like ORDI and DOG, which are riding the wave of growing interest in BTC meme coins.

On Tuesday, Bitcoin’s value soared above the $71,000 mark, reaching as high as $71,042, according to data from Coinbase. Currently standing at $70,885 as per CoinGecko, Bitcoin has registered a more than 2% increase on the day, contributing to a 10% rise over the past 30 days.

Amidst this rally, specific tokens minted on the Bitcoin blockchain using the BRC-20 and Runes token standards are experiencing even more significant gains. For instance, ORDI, which debuted last year as the first token under the BRC-20 standard, has seen an impressive 16% increase today alone, pushing its price just below $54. This marks the highest price for ORDI since early April, right before the anticipation of the Runes token protocol and the April 19 halving cooled the market.

ORDI’s performance this week has been stellar, with a 33% increase, reestablishing it as the largest Bitcoin-based fungible token by market capitalization at $1.13 billion and ranking it as the 92nd largest cryptocurrency overall, according to CoinGecko.

Other tokens on the BRC-20 standard are also making substantial strides this week, including PUPS, which has surged by 121%, and Bitcoin Wizards (WZRD), which has leaped by an impressive 136%. On the Runes protocol side, the token DOG•GO•TO•THE•MOON, commonly referred to as DOG, is also making headlines. Initially distributed for free to holders of Runestones—a type of NFT-like Ordinals inscription—DOG has significantly increased in value, posting an 11% gain today and doubling in price over the last week to reach a market cap of $960 million.

The rise of DOG highlights the competitive nature of the meme coin sector, where it now poses a significant challenge to established dog-themed meme coins on other blockchain platforms.

In contrast, larger dog-themed meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB) on Ethereum, and BONK on Solana have not performed as well, with DOGE and SHIB experiencing declines and BONK plummeting by 21% over the same period.

This dynamic shift underscores the fluctuating and often volatile nature of the cryptocurrency market, particularly within the niche but increasingly popular meme coin sector. As Bitcoin continues to influence broader market trends, the spotlight remains on these emergent tokens and their potential to reshape the digital currency landscape.