According to some, Bitcoin’s halving could increase the stakes on altcoin projects in the relevant networks and ecosystem. Because investors expect tokens such as STX, RUNE coin and ORDI to increase. Here are the details…
Some altcoin projects may rise with Bitcoin halving
Some traders say Bitcoin-based meme coins, NFTs and Ordinals could form part of a “barbell strategy” consisting of both technical and non-serious projects. Bitcoin’s (BTC) halving event, expected to take place later this month, could result in a flurry of bets on related networks and ecosystem tokens. Additionally, investors can expect bullishness in both technical and meme coin projects.
cryptokoin.com As we reported, halving reduces the speed at which new coins are created. Thus reducing the new supply available. The current block reward is 6.25 BTC and will drop to 3,125 BTC after the halving. This event has historically occurred before a bull market for the token. Crypto investors say participants are looking for a “reason to buy” as currency narratives are constantly changing in the current bullish environment and may turn their focus to the Bitcoin ecosystem in the coming weeks. Trading firm Wintermute’s OTC desk said:
There is a large, untapped pool of capital remaining dormant in the Bitcoin ecosystem, and a surprisingly small number of listed assets that investors can use to gain exposure to the narrative. If capital begins to return to the Bitcoin ecosystem, tokens like $RUNE, $STX, and $ORDI could benefit significantly and outperform.
What is the latest situation in the price of RUNE coin, STX and ORDI?
Following Bitcoin’s rise, THORChain’s RUNE and Stack’s STX were among the best-performing tokens last year, according to CoinGecko data. Meme coin ordi (ORDI), a nod to the Ordinals protocol in Bitcoin, is up over 2,500% since its launch in September. Meanwhile, Bartosz Lipinski, founder of crypto trading platform Cube, said in an email that meme coins and the upcoming Runes protocol could increase risky bets in the bitcoin ecosystem. Lipinski said:
Ethereum’s high costs and severe network congestion will cause Bitcoin-based projects like Rune to take a back seat as innovation drives meme coin excitement into the Bitcoin ecosystem. The BRC-20 (Ordinals NFT) standard is likely to be surpassed by Runes, which is expected to be released on halving day.
Meme coin craze continues
“Runes will aim to replace the standard with fungible tokens, enabling the efficient creation of meme coins that can compete with projects at Base and Solana,” Lipinski added, referring to the ongoing craze for non-serious tokens in the two ecosystems. Ordinals are a way to embed data into the Bitcoin blockchain by writing references to digital art into small Bitcoin-based transactions.
Sequential volumes led by NodeMonkes and Pups were higher than those of the usual leaders Ethereum and Solana last week. Trading activity on other networks decreased by 95% across all networks during the same period. This shows that interest in Ordinals is isolated.
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