Bitcoin Halving in Seven Days, Wintermute Bullish on Ecological Projects RUNE, STX, ORDI
The highly anticipated Bitcoin halving event is only 7 days away. Market maker Wintermute predicts that projects related to the Bitcoin technical ecosystem and meme coins will experience an increase in value.
Wintermute stated to CoinDesk that there is a large and untapped funding pool within the Bitcoin ecosystem that has remained dormant. Surprisingly, there are very few projects that traders can access to tap into this Bitcoin narrative.
Wintermute believes that if funds start flowing into the Bitcoin ecosystem, tokens such as RUNE, STX, and ORDI have the potential to outperform the overall Bitcoin market.
Cube.Exchange founder Bartosz Lipinski is particularly bullish on Runes. He stated that high costs and severe network congestion will cause Ethereum to take a back seat, as projects like Rune, which are based on Bitcoin, will redirect the meme coin craze towards the Bitcoin ecosystem. The BRC-20 (Ordinals NFT) standard may be replaced by Runes, which is planned to launch on the day of the halving.
Lipinski further added that the Runes token standard will allow for more efficient issuance of meme coins and compete with meme projects on Base and Solana.
According to CryptoSlam, the trading volumes of major public chains in the past 24 hours are as follows: Bitcoin: $31 million, Ethereum: $8.47 million, Solana: $3.5 million. Apart from Bitcoin, NFT trading volumes on other chains have been declining, indicating that the previous NFT craze has shifted towards the Bitcoin Ordinals ecosystem, with strong performances from Runestone, NodeMonkes, and Pups recently.
Read more:
– Base TVL Approaching $1 Billion, with a majority focused on DEX – Aerodrome
– Brian Armstrong flexes his muscles: Custodying 90% of BTC ETF assets, Coinbase Wallet to become a super app.
