Bitcoin's Runes fungible token standard was launched as Bitcoin underwent its fourth halving event, resulting in unprecedented demand.
Bitcoin's Runes fungible token standard was launched as Bitcoin underwent its fourth halving event, resulting in unprecedented demand. The rush to launch Runes tokens created a frenzy, driving Bitcoin network fees to reach millions of dollars in the initial post-halving blocks. Creators believe that securing an early slot for their tokens contributes to their perceived value and appeal to traders. This phenomenon was previously observed with the NFT-like Ordinals on Bitcoin, where early inscription numbers fetched substantial sums on secondary marketplaces.
Gate.io, a centralized exchange, has already listed three of the earliest Runes tokens: SATOSHI•NAKAMOTO, MEME•ECONOMICS, and WANKO•MANKO•RUNES. SATOSHI•NAKAMOTO, MEME•ECONOMICS are among the first ten tokens created using the Runes protocol. Speculation on social media suggests that the first ten Runes tokens, some of which are yet to be deployed, are highly sought after for exchange listings. However, WANKO•MANKO•RUNES has already deviated from this trend, possibly due to the hype generated by its association with a story written by Runes protocol creator Casey Rodarmor.
Gate.io listed the first BRC-20 token, ORDI, which has since gained significant value and is now listed on major exchanges like Binance and OKX. Some in the community speculate that Binance's recent tweet expressing interest in Runes indicates potential support from the exchange, given its previous listing of several Bitcoin-based BRC-20 tokens.
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