Bitcoin (BTC) Breaks $71,000 as Bitcoin-Based Meme Coins ORDI, DOG & PUPS Also Surge
The post Bitcoin (BTC) Breaks $71,000 as Bitcoin-Based Meme Coins ORDI, DOG & PUPS Also Surge appeared on BitcoinEthereumNews.com.
TLDR Bitcoin’s price has risen above $71,000, marking its highest point since April’s halving event and continuing a 10% climb over the past 30 days. Bitcoin-based meme coins like ORDI, DOG, and PUPS have seen significant price surges, with ORDI up 33% in the past week and DOG more than doubling in price. The collective market capitalization of tokens on the Bitcoin-based Runes protocol has surpassed $2 billion, with DOG accounting for a sizeable portion at $960 million. Fundstrat’s Tom Lee is standing by his $150,000 Bitcoin price target, citing tailwinds from the recent halving, ETF inflows, and widening ownership as key factors. The CoinDesk 20 Index declined 1.3% over the past week, with Uniswap (UNI) being the worst performer after a governance vote delay, while Bitcoin and Cardano (ADA) were the only gainers. Bitcoin has just broke above the $71,000 mark—its highest price since April’s quadrennial halving event. This recent surge comes amidst a broader 10% climb over the past 30 days, signaling renewed interest and optimism in the world’s largest cryptocurrency. Bitcoin BTC Price at Coingecko It’s not just Bitcoin that’s making waves; a new generation of Bitcoin-based meme coins is also experiencing significant growth. Tokens like ORDI, DOG, and PUPS have seen their prices skyrocket, with ORDI marking a 33% jump in the last week alone and DOG more than doubling in value over the same period. These meme coins are minted on the Bitcoin blockchain using the BRC-20 and Runes token standards, reflecting a growing trend of leveraging Bitcoin’s underlying technology for more than just the original cryptocurrency. ORDI, the first token minted via the BRC-20 standard, now boasts a market capitalization of $1.13 billion, securing its position as the largest Bitcoin-based fungible token. Meanwhile, the Runes protocol, which launched alongside Bitcoin’s halving in April, has…
Filed under: News - @ June 5, 2024 4:26 am