Recently, the overall cryptocurrency market has shown a trend of turmoil and general decline, possibly due to multiple factors such as the increase and decrease of Bitcoin ETF holdings, the rise in mining costs for miners, and the decrease in market expectations for the Fed's interest rate cuts. Nevertheless, the Runes ecosystem of Bitcoin has remained active in this downturn, forming a meme market dominated by animal themes and creating a "mini bull market."
This market is mainly dominated by various animal meme coins, among which there are some notable representative tokens, such as DOG•GO•TO•THE•MOON, "Billion Cat" BILLION•DOLLAR•CAT, and the wolf-themed token LOBO•THE•WOLF•PUP, with the animal coin STUPID•SILLY•CAT skyrocketing by 1517.06%.
Despite this, the market for animal coins seems prosperous, but there are also hidden concerns behind it. In this article, PANews will analyze the market performance, basic situation, and potential risks of these Runes animal meme coins.
Market turmoil and bearish trend, Runes animal coins counter the trend
According to CoinGecko's data, as of 3 p.m. on June 18th, the total market value of cryptocurrencies dropped to $2.48 trillion, with a 2.2% decline in the past 24 hours. Among them, Bitcoin (BTC) market share is 52.1%, and Ethereum (ETH) accounts for 17%. In the past 24 hours, the total amount of liquidation in the cryptocurrency market reached $464 million, with $403 million in long liquidation and $61.26 million in short liquidation.
However, against the backdrop of the overall bearish market, Runes has shown strong activity. On June 18th, the 24-hour trading volume was $7.46 million, an increase of 30.30%. In particular, the performance of animal meme coins is even more impressive, forming a "zoo" market. In terms of market value, the top animal meme coins include DOG•GO•TO•THE•MOON, with a market value of $6.09 as of June 19th. This is also the 3rd rune of Runes, initiated by Leonidas, the deployer of the artificial rune stone.
Ranked second in market value is the "Billion Cat" BILLION•DOLLAR•CAT, with a market value of $66.14 million, known as the second "Cat Cong". The wolf-themed token LOBO•THE•WOLF•PUP has a market value of $35.80 million, which is the 9th rune, deployed by Buoyant Capital@_BuoyantCapital. Following closely is the dog-related token WANKO•MANKO•RUNES, with a market value of $11.01 million.
Wolf-themed token LOBO•THE•WOLF•PUP
Animal "gathering," cat and dog themes remain the main theme
In terms of price increases, the animal coin STUPID•SILLY•CAT, with a market value of $1.31 million, ended its minting around 9:20 a.m. on June 18th, with a significant price increase of 1517.06%. This token currently has 1,417 holders and 1,807 minters.
At the same time, ANIMALS•FACING•LEFT saw a price increase of 364.00%, but currently only has 164 holders.
In terms of trading volume, DOG•GO•TO•THE•MOON ranks first with a 24-hour trading volume of $1.90 million, followed closely by BILLION•DOLLAR•CAT, with a trading volume of $1.63 million. The popular STUPID•SILLY•CAT has a trading volume of $560,000. Although the market value of animal memes on Runes is not low, the daily trading volume is not high. In comparison, DOGE's trading volume is $394 million, Pepe reaches $574 million, Solana's meme WIF has a trading volume of $327 million, and BONK can reach $146 million.
In the category of dog coins, in addition to the aforementioned DOG•GO•TO•THE•MOON, there are other projects worth paying attention to, such as REST•IN•PEACE•HARAMBE, which, as an older project based on doge, has been quiet for some time. DOGS•DAO•MEMECOIN has attracted the attention of Leonidas, the founder of DOG•GO•TO•THE•MOON, on Twitter. In addition to dog coins, there are memes such as BILLION•DOLLAR•DOG and SPARKY•RUNEDOG.
It is worth mentioning that the 5th rune DOG•DOG•DOG•DOG•DOG, although the identity of the project party has not been disclosed, reportedly spent 7.6 BTC on deployment. However, the project party is still keeping a low profile, and the token has a 100% pre-mining phenomenon.
In the category of cat coins, two rainbow cats NON•STOP•NYAN•CAT and POP•TART•NYAN•CAT are also attracting attention. NON•STOP•NYAN•CAT is famous for riding on the coattails of BTC's original Nyan Cat, while POP•TART•NYAN•CAT is an earlier Nyan Cat project with relatively few foreign holders.
In addition, the hamster coin SAIKO•HAMSTER and the elephant THE•ELEPHANT•IN•THE•RUNE also have a certain level of popularity. SAIKO•HAMSTER has project support and currently has a market value of $2.46 million, while the elephant also has project support and currently has a market value of $124,000, although it has relatively few holders at 362.
Other animal projects such as the duck UNGOVERNABLE and the koala KOALA•ON•IMPALA themed tokens have also sparked some discussion and attention.
Risks of whale manipulation exist, can it truly drive a bull market?
From the perspective of investors and users, in the current cryptocurrency market, Runes and animal meme coins, as emerging asset categories, while igniting enthusiasm, also carry some risks. In particular, as can be seen from the previous data statistics, the overall trading volume of tokens is low, and the number of participants is small. If the project party controls the majority of the token supply, this highly concentrated holding makes the market price susceptible to manipulation by a few large holders, who can influence market trends through large-scale buying and selling operations.
On June 18th, a cryptocurrency market user observed the market for wizard-themed meme coins and expressed their views: "All the runes have gone to zero, not a single one hasn't." This reflects concerns about market fluctuations and the long-term value of some memes, and some users also liken the operations on Runes to buying "lottery tickets."
In addition, if there is a lack of real market liquidity, funds may not flow into projects with sustainable development potential, but instead concentrate in these popular memes. Some promoters may also influence the market through social media, news, and other means, causing rapid increases in the prices and trading volumes of certain tokens.
For example, on June 16th, a cryptocurrency user pointed out this phenomenon: "(Runes) deploy and then find those who are shouting out, attract speculators to mint, and the names they come up with are all about riding the heat, riding the project to take off, and then they dump their own holdings and run if they haven't ridden it, it's okay, just move on to the next one." This kind of speculative behavior may exacerbate market instability and bubble risks.
As of June 18th, there are a total of 74,454 protocol heads (TICKS) and 619,009 holders on Runes. Overall, despite the overall bearish trend in the market, the animal meme coins of Runes have created a unique "zoo" landscape, bringing some vitality to the market. However, users still need to remain vigilant. Continuously monitoring market dynamics and making rational investments are key to maintaining stability in this wave of market enthusiasm.
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