Author: Joyce, BlockBeats
With only one day left until Bitcoin's halving, and the imminent launch of the Runes mainnet, are you still analyzing what opportunities to ambush? In the past few dozen hours, the super-strong execution power of the Earth Dog Plate on Ethereum has already made a lot of money.
In recent days, many Runes-related projects on Ethereum have sprung up like mushrooms. Although their descriptions are rough and the visual experience is somewhat chaotic, it does not affect the fact that these tokens have increased several times since their launch. Interestingly, the time it takes for new Runes concept projects to achieve such high multiples has been reduced from one week to just a few hours.
The Bitcoin L2 RUNIC built around Runes went live on March 13th. At that time, the heat of the Runes protocol was not high enough, and RUNIC quickly plummeted by over 90% one day after its launch. As the Runes protocol gradually attracted community attention in the past two weeks, RUNIC also "rose from the dead," with a 6-fold increase in 5 days.
At the time of writing, the official Twitter account of RUNIC has less than 5,000 followers, which is a bit too few for a serious project, but it seems to be more than enough for now.
Another frequent visitor to the Ethereum hot list recently is Runes Bridge RB. Since its launch, it has increased by over 40 times in 10 days, making it one of the "longer-lived" projects related to the Runes protocol. As the name suggests, Runes Bridge aims to build a transmission bridge for assets from the Bitcoin network to the EVME network through the Runes protocol. In addition to being a bridge, Runes Bridge also serves as a Rune Lunchpad platform.
Compared to other projects, Runes Bridge's performance is more "serious." It went live on the testnet yesterday, and users can receive test coins to experience the services provided by Runes Bridge. Whether these functions are really useful in the Runes ecosystem or not, at least for retail investors, such "services" make them willing to have more confidence in RB.
On April 15th, the DeFi project Runes Glyphs token RG, which "provides staking services on the Runes protocol," also went live. It achieved a more than 10-fold increase in the first two hours after its launch, and then quickly headed towards "zero."
However, for retail investors looking for alpha coins related to Runes, RG, which is close to zero after oscillating at a low level for three days, seems to be a good choice. After three days of oscillation at a low level, RG started to surge yesterday, with an intraday increase of nearly 7 times.
Lucky winners who have made a profit quickly withdrew. Despite Runes Glyphs still holding a "Thread Competition" for promotional projects and launching staking services, at the time of writing, RG has fallen by about 60% from its high point.
In addition to early holders of RG, lucky winners from yesterday also paid attention to Ethe Runes (ETR) at the right time. Similarly, like Runes Earth Dog, which surged 20-3 times in the first few hours of trading, then quickly fell by over 90%, ETR also experienced a rebirth on April 18th, with a 536% increase in a single day.
Although the Runes concept is only increasing, the life of the Earth Dog is only two days. After achieving high multiples in a short period of time, the above-mentioned tokens all experienced a significant decline. Today, the new Runes concept token that carries the expectation of retail investors for sudden wealth has gone live.
At 7 am on April 18th, Beijing time, RBot appeared and surged 4 times in the first half hour after going live, and then fell by over 75% in the next hour and a half, reaching its lowest price of $0.27 around 9 am. Generally, those who can profit in the first half hour after going live are often from trading bots or scientists. Based on the trend of the previous tokens, RBot may still receive some love from retail investors.
Perhaps due to the approaching deadline for the official launch of Runes, RBot's rebound was much faster than the aforementioned tokens. At 10 am, RBot began to "discover value" and gradually increased, reaching a high of $2 around 6 pm, with an 8-hour increase of 482%.
At the same time as RBot, the project Bit Runes token BRUNE, which was born this morning, climbed to the top of the Ethereum hot list at noon and has now increased by over 10 times since its launch. Bit Runes also seems to provide cross-chain bridge services around Runes, but the specific details are still unknown—its official Twitter account has only a few hundred followers and has only posted three tweets.
However, on-chain researcher DiTereh has warned, "Do not buy high-risk popular narratives." Using BRUNE as an example, he pointed out that most of the initial buying pressure at the time of its launch came from trading sniper bots, and retail investors face significant selling pressure when purchasing. In addition, the contract itself also carries great risks, such as developers not giving up control of the contract, being able to pause trading by modifying the contract, and modifying the buy and sell taxes.
DiTereh's findings confirm the trend characteristics of these project tokens, most of which quickly surged to several tens of times shortly after going live, and then quickly plummeted to zero. The tokens were picked up by retail investors on the road to near-zero, with the price rising again, even surpassing the previous high.
The lively scene is reminiscent of the AI craze two months ago. BlockBeats previously mentioned in "A 20-fold increase over a weekend, the AI Summer in the crypto market is coming" that in addition to established AI projects, some small-cap AI projects appeared in a factory-like manner and achieved several tens of times increase within two to three weeks, far exceeding the growth rate of legitimate AI projects.
When the Bittensor ecosystem attracted community attention, the new projects around the Bittensor ecosystem were more attractive than TAO itself. Regardless of whether the positioning is really feasible, early holders could achieve high multiples. At its peak, there were as many as four or five new projects related to Bittensor in a week.
Contrary to the community's expectations, after the narrative of the new AI projects was told, the funds did not move to "more reliable" projects but withdrew directly. Recently, AI memes have all come to the end of zero, with different exit strategies from the project teams.
The same logic seems to be playing out around Runes, and the pace is even faster. These two days mark the peak of the Runes concept projects. On April 18th, RUNIC surged by as much as 150% in a single day, RB peaked at a 463% increase, and ETR surged by 536%. By April 19th, these tokens all experienced a 40%-70% retracement, while RB ot and BRUNE were born at the same time, setting new soaring trends. Tomorrow, there may be new Runes concept tokens appearing on the hot list, and their lifespan may be even shorter.
Although Runes is considered the wealth code of consensus at the time of Bitcoin's halving, users who bought the new tokens in the past two days based on the profit logic of the initial Runes concept token RB may have encountered a significant retracement in their profits. If the entry point is just a few hours off, they may even face the risk of being "ambushed." In this "you want me" narrative trading, who will be the ultimate winner?
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