As a professional translator, I will translate the news article into English using a descriptive tone. Here is the translated content:
The market for Bitcoin-based meme coins seems to be unable to escape the impact of the headwinds that have affected similar assets, as the prices of many top rune tokens have fallen along with other meme coins.
When the Runes protocol was launched in April, Z•Z•Z·Z•FEHU•Z•Z-•Z·Z-•Z- became the first asset of the protocol, initially “carved” into a series of other tokens. According to data from Magic Eden, it currently has a market value of $1.3 billion, with its price falling by 43% in the past month to $12.66.
DOGGOTO•THE•MOON and RSIC•GENESIS•RUNE, with equally long names, have also faced pressure during the recent calm period, with prices dropping by 20% and 53% in the past month, respectively.
Hilary Sims, the marketing director of the NFT series Wassies, expressed dissatisfaction on Twitter (aka X), stating that Runes’ fans were starting to appear desperate.
Sims wrote: “I own all the top runes, but I can also understand why people would feel ostracized by this ecosystem.” “A bunch of grown men shouting for you to buy their coins because it’s better.”
In line with Runes’ performance, it has been a difficult month for other meme coins on the internet, with their trading often being nothing more than a resonance. For example, Dogwifhat (WIF) located in Solana has fallen by 43% in the past month. Meanwhile, a 31% drop has already destroyed the Ethereum-based Pepecoin (PEPE).
Cryptocurrency influencer Gainzy wrote on Wednesday: “You know the steam you’re buying is actually worthless.” He compared the decline of meme coins to the 2018 crash of cryptocurrency assets—however, he added that back then, investors believed they were investing in something with some utility. He implied that this time, there’s no such illusion.
Meme coins were once seen as a meta-commentary on the lack of utility in the cryptocurrency industry, but this year, meme coins have skyrocketed in popularity as an asset that is easy to launch and understand, with the massive profits it brings being as easy to come by as the brutal losses. This dog has a hat. This dog is cute. However, for runes, the concept is relatively more subtle.
Runes, created by developer Casey Rodarmor, launched Ordinals last year, creating a bustling market for Bitcoin-based collectibles. Since Bitcoin lacks the ability to host smart contracts, which are the foundation of other on-chain NFTs, ordinary coins have been seen as a new way to utilize the oldest coins in cryptocurrency, which has been controversial to some extent.
“Now, the only selling point I can see for (Runes) is: buy this bag because it will drive others crazy?” Sims pondered.
Despite several peaks in activity, the share of Bitcoin trades involving runes has also declined in the past month. Dune’s dashboard shows that a month ago, Bitcoin trades accounted for about 16%, and the current ratio on Tuesday is about 5%.
Nevertheless, in the Runes ecosystem, some companies that outperformed the market have achieved significant gains. As the third largest rune by market value, the price of BAMK•of•NAKAMOTO•DOLLAR (yes, “BAMK” instead of “BANK”) has risen by 157% in the past month to $0.0054.
Andrew Hayward, Editor