So much is happenings with Bitcoin in 2024. First of all, Bitcoin future ETFs were approved in the U.S. in January, then while we waited for the halving (happened on April 20) Casey Rodarmor, the founder of Bitcoin Ordinals announced the launch of Rune tokens protocol that started just after the halving. This protocol allows users to create fungible tokens on the Bitcoin network. It is said that with these protocols Bitcoin is evolving so this is the time to understand this new wave and some promising projects. In this article, we show you our selection for the top 3 Runes project.
Ordinals protocol started in 2022 December by Rodarmor and it makes possible to create non-fungible tokens on the Bitcoin network. Without any detailed tech explanation this differs from ETH NFTs (storing data off-chain and rely on smart contracts for ownership verification) as they are permanent inscriptions into the data of a SAT (satoshi) stored on-chain. Holding some of these Ordinals makes possible for the holder to get airdrops. These airdrops could be extra Ordinals or fungible tokens allowed by the fresh Rune tokens protocol. Let’s see what the top projects are in 2024!
Top 3 Runes Project In 2024
There are a lot of projects with the Ordinal and Rune token protocol so you need to take your time to find out what is the best choice for you. But we have made our research too so here we share our picks for the top 3 runes project in 2024.
The Quantum Cats
The Quantum Cats collection is a notable project in the Bitcoin Ordinals landscape, spearheaded by the group known as Taproot Wizards. The collection, which features 3,333 cat images minted as Bitcoin Ordinals, was designed to honor a Bitcoin improvement proposal known as OP_CAT and launched in early 2024. This scripting function, which was originally part of Bitcoin’s code but disabled in 2010, plays a symbolic role in the project by illustrating how Bitcoin’s scripting capabilities can be extended.
The project was created by digital artist FAR and co-founded by Udi Wertheimer and Eric Wall, who are notable figures in the cryptocurrency community. The initiative aims to blend artistic creativity with technological innovation by using a unique “Evolving Inscriptions” technique. This allows the images to change over time, adding a dynamic element to the digital collectibles.
Quantum Cats also pays homage to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, reflecting a deep respect in the crypto community for its origins. The project has stirred discussions and controversies, particularly concerning its impact on the blockchain’s functionality and the philosophical implications of integrating NFT-like elements into Bitcoin.
It’s hard to predict such a new tech project, but Quantum Cats seems to have a great future. The team behind them are a big part of the Bitcoin network’s evolvement. They have just tweeted on X about the CatVM project that is the first permissionless bitcoin bridge.
CatVM: There and Back Again
CatVM is the first permissionless bitcoin bridge, allowing scaling in layers with no liquidity requirements, decentralized trading of ordinals and runes, and much more
CatVM is powered by OP_CAT and Quantum Cats🐱
gmeow!
👉 https://t.co/Ld3RKbmDYk pic.twitter.com/BC1GmT2W9P
— Quantum Cats (@QuantumCatsXYZ) April 15, 2024
According to MagicEden at the time of writing Quantum Cats is the 13th project by market cap with a floor price of 0.4 BTC ($26,450). However its floor price has dropped in the last 7 days but we expect it will increase as they’ve just proposed OP_CAT upgrade under the BIP-420 number and it was assigned. Of course there’s no guarantee if it will be accepted or not.
Rune Pups
The Bitcoin Ordinal NFT project Rune Pups, is the “first real memecoin on Bitcoin”, that were airdropped free to Bitcoin Puppets holders. The project features a collection of 10,778 NFTs, each known as a “Rune Pup”, and has a diverse ownership base with over 5,310 unique holders. The collection has seen remarkable market performance, with the price floor reaching about $6,600, reflecting the project’s robust trading activity.
Rune Pups has capitalized on the growing trend of Bitcoin-based NFTs, distinguishing itself with high sales volume and significant price appreciation. The project’s success has been fueled by the broader excitement around new developments on the Bitcoin blockchain, like the Runes protocol.
There are also the PUPS (Ordinals) token. This is a Rune protocol token with a supply of 7,770,000 on an actual price of $40.43 at the time of writing. It’s trading volume is over $23 million.
For future predictions, Rune Pups appears to be positioned for continued interest and potential growth, especially as the Bitcoin ecosystem evolves with new features and capabilities.
Runestone
The Runestone project is a Bitcoin Ordinal NFT initiative spearheaded by the pseudonymous founder Leonidas, a well-known figure in the NFT and Ordinals community. Launched in March 2024, Runestone has quickly gained traction by distributing over 112,400 NFTs through a significant airdrop to Bitcoin addresses that held three or more non-text inscriptions before a specified block height. This event marked the one-year anniversary of the Ordinals protocol.
Runestone is distinguished by its community-centric approach, emphasizing transparency and open-source development, which allows for widespread participation and further improvements by the community. The project has implemented a fair distribution model, grants an equitable airdrop process that rewards early adopters of the Ordinals protocol. This model has fostered a strong sense of community and ownership among its participants, reflected in its broad holder base of over 91,300 distinct individuals.
Commercially, Runestone has achieved notable success, establishing itself as one of the top-selling NFT collections on multiple NFT marketplaces. At the time of writing according to MagicEden it’s floor price is 0.021 BTC with a total volume of 3.056K. We have already written about the project here, so you can check that for more information. However it’s known that at least three rune tokens will be airdropped for Runestone holders. One of them, the $DOG has just airdropped today with an actual price of 4.2 sats and can be traded on MagicEden already.
The project’s future appears promising, with ongoing support and anticipated developments that could further integrate it into broader blockchain and digital art ecosystems. This forward momentum is likely to continue improve its value and appeal in the NFT and Bitcoin communities.
Conclusion
We’ve just jumped into the Bitcoin NFT world with an additional fungible-token appearance. A whole new world has opened its door. We know that Bitcoin is evolving and the money inflows via ETFs and the new hype around BTC memecoins. Also we are after halving in a bull run. So Bitcoin’s future is promising and here’s your chance to ride the waves.
