Bitcoin has once again captured the spotlight by reaching a new high of $71,000, driven by a surge in Bitcoin-based meme coins such as ORDI, DOG, and PUPS. This marks the highest price for Bitcoin in two weeks and reflects a growing interest in cryptocurrency-based tokens.
Key Takeaways
- Bitcoin hits $71,000, its highest price in two weeks.
- Meme coins ORDI, DOG, and PUPS see significant price increases.
- ORDI leads the pack with a 33% rise in the last week.
- DOG and PUPS also experience substantial gains.
Bitcoin’s Meteoric Rise
Bitcoin rose above the $71,000 mark on Tuesday, reaching as high as $71,042 according to Coinbase. Currently priced at $70,885, Bitcoin has seen a 2% increase on the day and a 10% rise over the past 30 days. This surge comes as Bitcoin-based fungible tokens like ORDI and DOG gain traction.
ORDI: The Leading Meme Coin
ORDI, the first token minted last year via the BRC-20 standard on Bitcoin, has seen a remarkable 16% increase in a single day, reaching a price just below $54. This is the highest price recorded since early April. Over the past week, ORDI has jumped 33%, reaffirming its status as the largest Bitcoin-based fungible token by market cap at $1.13 billion. It is currently the 92nd largest cryptocurrency overall.
DOG and PUPS: New Contenders
Other BRC-20 tokens have also seen significant gains. PUPS has surged by 121%, while Bitcoin Wizards (WZRD) is up by 136%. The top Runes token, DOG•GO•TO•THE•MOON (DOG), has more than doubled in price over the last week, up by 120%. Currently priced above $0.0095, DOG has a market cap of $960 million. Despite a slight dip from its all-time high earlier on Tuesday, DOG continues to show strong momentum.
Market Sentiment and Future Outlook
The broader Runes protocol market cap has surpassed $2.4 billion, with Runes tokens collectively hitting a $1 billion market cap for the first time in the last two weeks. In contrast, other major dog-themed meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Solana’s BONK have not fared as well, experiencing declines over the past week.
Conclusion
Bitcoin’s recent surge to $71,000 and the explosive growth of meme coins like ORDI, DOG, and PUPS highlight the dynamic nature of the cryptocurrency market. As these tokens continue to gain popularity, they could potentially reshape the landscape of digital assets.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice.