🪨 RUNE IT BACK TURBO 📈 ​ Since August, runes activity has seen a robust recovery, with trading volume and unique transactions increasing 3x and 4x, respectively. ​ Runes account for ~60% of Bitcoin’s daily on-chain transactions, pushing average transaction fees up by 32%, and boosting miner earnings from Runes transactions by as much as 5 BTC daily. Source: @GeniiData Source: @nftpulseorg   »»———♰⊱༺ @MagicEden Success ༻⊰♰———««   A large part of this resurgence can be attributed to Magic Eden, which has solidified its position as not only the go-to Runes trading platform but also the leading marketplace for the Bitcoin ecosystem.   Over the past month, Magic Eden has captured at least 90% of Rune and Ordinals users and volume. Source: @MagicEden »»———♰⊱༺ Runes Innovation ༻⊰♰———««   Since its launch in April, Runes have broken down the barrier to build on Bitcoin by introducing true fungibility for on-chain assets.   Users can now etch, mint and trade tokens with ease.   This has resulted in a proliferation of memes, something that’s been lacking for a long while due to Bitcoin’s barriers to entry. These include a lack of cross-chain bridges, high transaction costs and slow speed.   Along with increasing interoperable solutions and innovation of the mother chain (i.e. OP_CAT, roll-ups and sidechains), Runes has enabled stronger communities and fostered collective sentiments which are essential to attracting mass retail liquidity, as seen on Solana’s “memecoin supercycle”. »»———♰⊱༺ Runes Top Peformers ༻⊰♰———««   While $DOG remains among the top 10 Runes over the past 30 days, following its airdrop to Runestone holders, current attention has shifted to $PUPS (which also has its own derivative on Solana), as well as $GIZMO and $BDC, both of which are cat-themed tokens, which could be catalyzed by the upcoming release of OP_CAT 🐈 »»———♰⊱༺ Bitcoin Meme Valuations ༻⊰♰———«« BTC memecoins are currently valued at ~$2B, which is a mere 0.11% of Bitcoin's $1.9T market cap. In comparison, ETH memecoins hold a market cap of more than $20B, representing 7% of ETH’s $300B market cap, while SOL memecoins stand at around $12B, accounting for 15% of SOL’s $80B market cap. ​ This stark disparity indicates a significant growth opportunity for BTC memecoins as adoption increases. With imminent listings among top CEXs, early investments could yield substantial returns before prices soar as retail interest surges, spurred on by the introduction of platforms like Moonshot. Valuations of $PUPS, $GIZMO, and $BDC are still a far cry compared to this cycle’s blue-chip memes, which suggest attractive entries for a higher risk-reward ratio. ​ NFA/DYOR ​ Courtesy of @fakexavi_ ​ »»———♰⊱༺༻⊰♰———«« ​ cc: @rodarmor @udiWertheimer @LeonidasNFT @ercwl @0xLeoInRio @rexzh0u @ElizabethOls0n @YukanL @janbtc @TO @Naqib_Noor @DegenShiro @ColdBloodShill @goatedxyz @0xcryptowizard @theunipcs @FarmerBrownDeFi @FarmerJoe0x @domodata @utxo_giovianni @btcbongo @The0xJuan @JasonSoraVC @_BuoyantCapital @cryptolution101 @raphjaph @vombatus_real @kuyamark @basilda_a @MrGavinLow ​ @MustStopMurad ​ »»———♰⊱༺༻⊰♰———«« ​ Want to get this early right in your inbox? ​ Subscribe to @castle__cap's free newsletter in the bio!