Runes Meme Coin on Solana Suspected of Scam Due to Severe Drop in Value
A Runes meme coin, developed by Runetoshi, experienced a dramatic rise and fall on the Solana blockchain.
| Key Takeaways: – A Runes meme coin launched on Solana by Runetoshi saw its market cap briefly hit $28 million before crashing over 98% to $386,000. – Despite initial momentum fading, Bitcoin’s recent price surge has revived interest in Runes Protocol as a potential key player in the Bitcoin ecosystem. |
Following its release, the token’s market capitalization briefly soared to $28 million before plummeting in a rapid sell-off.
As of now, the market value of this Runes meme coin has dropped by over 98%, standing at just $386,000. The X account associated with Runetoshi has been suspended, further compounding concerns among investors.
Runes Protocol, introduced in September 2023, is designed to provide a standard for issuing fungible tokens on the Bitcoin network. The protocol was developed by Casey Rodarmor, the creator of Bitcoin Ordinals. Unlike the BRC-20 standard, which operates on the Ordinals protocol, Runes uses the UTXO model. This structural difference positions Runes as a distinct alternative for token issuance.
The protocol gained traction when it launched alongside Bitcoin’s halving in April. Magic Eden, a cross-chain NFT marketplace, was an early adopter, contributing to the initial buzz surrounding Runes. However, despite its promising start, the protocol faced skepticism as enthusiasm waned in the months that followed.
Recently, interest in Runes has resurged amid Bitcoin’s historic price rally, which has reignited attention on the cryptocurrency’s broader ecosystem.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
