Bitcoin (BTC) price surged past $71,000, hitting its highest price since the Bitcoin Halving event. This surge is happening alongside a notable increase in Bitcoin-based memecoins like ORDI, DOG and PUPS. On Wednesday, Bitcoin reached a peak of $71,172, according to CoinMarketCap data. BTC is currently trading at $70,839, with a gain of 2.21% over the past 24 hours, and 3% in the last 7 days.
Following the rise in Bitcoin, some of the most prominent fungible tokens on the Bitcoin blockchain, including BRC-20 and Runes tokens, are experiencing even more significant gains. ORDI, the first token minted last year using the BRC-20 standard, has surged nearly 17% to just below $57.5, the highest price since early April. Other BRC-20 tokens have also posted significant gains, with PUPS rising 121% and Bitcoin Wizards (WZRD) up 136%. Both PUPS and WZRD are undergoing a planned launch on the Runes protocol.
The collective market capitalization of tokens on the Bitcoin-based Runes protocol has now surpassed $2 billion, signaling a strong revival of the meme coin ecosystem on the Bitcoin network. According to GeniiData, tokens on Runes have reached a collective value of $2.4 billion, doubling from $1 billion just last week. The Runes token standard was launched during the April 19 halving.
DOG•GO•TO•THE•MOON (DOG), a top token on the Runes protocol, has also seen impressive growth. Airdropped free to holders of Runestones, DOG has more than doubled in price over the past week, up 120% to a current price above $0.0095, boasting a market cap of $960 million.