In a remarkable feat, the floor price of the Bitcoin NFT project Runestone has soared above 0.07 BTC, eclipsing Bored Ape Yacht Club (BAYC) to claim the position of the second-largest NFT project by market capitalization. Developed collaboratively by Leonidas, founder of Ord.io, and the developer of Ordinals, Runestone aims to reward players engaged in the Ordinals protocol during its inaugural year. Following a frenzy triggered by airdrops in mid-March, the floor price has seen relentless growth.
According to Coingecko data, Runestone's floor price has reached 0.074 BTC, equivalent to approximately $5,182, marking a significant 16.2% surge in the past 24 hours. This surge catapults Runestone's market capitalization to $582 million, outstripping BAYC's $406 million, positioning it as the second-largest contender in the NFT market, trailing only CryptoPunks with a market capitalization of $1.44 billion.
Over the preceding 7 days, Runestone's floor price has experienced a staggering 78% surge. Compared to its launch floor price of 0.0189 BTC in March, it has witnessed an astounding 290% surge to date.
The changes in Runestone's floor price. Source: CoinGecko
The recent upsurge in Runestone's floor price may be attributed to the project's upbeat developments. On the 6th, Leonidas announced that Runestone holders would receive a series of airdrops consisting of three types of Runes meme coins. One airdrop is slated for this month, another anticipated within 2024, and the remaining one upon Runestone's ascension as the premier meme coin. Last month, Leonidas articulated Runestone's objective: to establish the world's foremost meme coin on the Bitcoin blockchain. The meme coin's code and supply will be community-driven, potentially detached from the Runestone theme, with an entirely open design concept.
Leonidas stresses the misconception of Runestone solely as an NFT collectible, envisioning its transformation into a meme coin within a month. Highlighting the meteoric rise of meme coins on smaller blockchains like Solana to overnight market capitalizations of $10 billion, Leonidas underscores the potential of meme coins on the Bitcoin chain.
In summary, while Runestone's ascent in the NFT realm is undeniable, its evolution into a meme coin heralds intriguing possibilities for the future.
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