Less than 0.5% of Runes tokens were successful, highlights analyst

Since
the
Runes
launch,
less
than
0.5%
of
the
meme
coins
created
using
this
protocol
were
“successful.”
Guiriba,
a
crypto
analyst
at
Brazilian
research
firm
Paradigma
Education,

shared
on
X
that
only
77
meme
coins
in
the
over
20,000
tokens
launched
have
over
500
holders.

Guiriba
describes
that
the
two
most
common
ways
to
acquire
Runes
meme
coins
are
through
airdrops
given
to
holders
of
non-fungible
tokens
(NFTs),
or
minting
them
on
a
“fair
launch”
model,
open
to
anyone
interested.

“In
the
second
category,
traders
can
find
meme
tickers
at
a
low
price,
and
it
all
depends
on
Bitcoin
fees.
An
example
was
SATOSHI
NAKAMOTO:
1
mint
of
100
tokens
cost
$300
and
the
next
day
it
went
up
to
$900.
Today,
they
are
traded
at
$270,”
explained
Guiriba.

However,
only
46
tokens
fairly
launched
captured
over
500
holders,
representing
just
0.2%
of
the
20,000
tokens
used
in
the
research.
The
most
successful
meme
coins
in
this
group
are
“SATOSHI
NAKAMOTO”
and
“FEHU”,
which
have
over
$100
million
in
market
cap
and
were
the
first
two
fairly
launched
tokens
using
the
Runes
protocol.

Runes
is
a

new
fungible
token
standard
for
Bitcoin’s
ecosystem
created
by
Casey
Rodarmor,
the
developer
behind
the
Ordinals
Protocol.
It
went
live
in
the
first
block
after
Bitcoin
halving,
which
happened
in
the
first
hour
of
April
20.

The
Paradigma
analyst
also
tracked
the
tokens
airdropped
for
NFT
holders,
identifying
31
of
them.
Moreover,
Guiriba
highlighted
that
the
price
of
these
NFT
collections
fell
significantly
after
the
airdrop
snapshot
was
announced.

“Adding
fairly
launched
meme
coins
and
airdropped
tokens
for
pre-Runes
NFT
collections,
there
are
only
77
tokens
with
over
500
holders
among
over
20,000
projects.
This
is
~0.4%
of
the
total
analyzed.”

Despite
the
apparent
failure
of
the
Runes
protocol,
Guiriba
points
out
that
this
protocol
is
just
a
little
over
one
week
old,
and
lacks
infrastructure
and
traders.
As
centralized
exchanges
list
these
assets
and
boost
their
volume,
through
liquidity
and
better
interfaces,
the
number
of
tokens
with
over
500
holders
could
change.