The Bitcoin halving not only altered block rewards but also gave birth to a new token economy powered by the Runes protocol. Since its launch, significant tokenization activities have emerged on the Bitcoin blockchain, with multiple tokens now actively traded and carrying real-world value. According to data from Okx's NFT marketplace, the market capitalizations and trading volumes of these tokens have surged post-halving, drawing widespread attention.
Z•FEHU: The First Token from the Halving Block, FDV Tops $2 Billion
Born in the halving block 840,000, Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z (abbreviated as Z•FEHU) has become the most prominent Runes token. As of early morning on April 21, the token traded at 25,999 satoshis ($17.21), down from 64,999 satoshis ($42) the previous day. Z•FEHU has a circulating supply of 110,010,564 tokens, with 110 million premined and 19,780 mints recorded by Sunday morning. Okx reports 3,885 holders and 216 total sales. At the current price, its fully diluted valuation (FDV) stands at approximately $2.07 billion.
RSIC•GENESIS•RUNE: 21 Billion Supply, $267 Million FDV
Another popular Runes token, RSIC•GENESIS•RUNE (RSIC), has logged 686 sales to date with a base price of 19.6 satoshis ($0.012). RSIC's total supply is 21 billion tokens, all premined by a single creator. Its FDV is approximately $267 million. However, due to extremely low liquidity and the nascent market stage, the valuation may be significantly inflated, carrying high volatility risk.
Satoshi Nakamoto: Active Trading, $132 Million Market Cap
The SATOSHI•NAKAMOTO token (SN) has also attracted considerable trading activity. As of the report, SN has seen 5,293 sales and 19,862 holders. Its total supply is 21,169,700, with 4,200,000 premined. With $2.8 million in trading volume, SN trades at 9,550 satoshis ($6.21), giving it a market cap of approximately $132.3 million on Sunday morning.
Other Notable Runes Tokens
Active Runes tokens on Okx also include MEME•ECONOMICS, THE•TICKER•IS•ELSA, RARE•PUPS•PUPCASH, UNCOMMON•GOODS, and ANARCHO•CATBUS. These tokens attract buyers due to their provenance, speculative potential, and links to existing BRC20 and Ordinal projects. Despite the enthusiasm, Runes tokens suffer from shallow order books and limited liquidity compared to established cryptocurrencies, making them prone to drastic price swings on minimal trading activity.
Market Watch: Bubble or the Dawn of a New Economy?
The Runes protocol represents a significant step toward a richer tokenization ecosystem on Bitcoin. However, most Runes tokens currently derive their valuations from extremely thin liquidity, rendering FDV figures potentially misleading. Some market participants view this as a transient speculative frenzy, while others see long-term promise. The future demand for Runes tokens remains uncertain, but their impact and rapid spread have already left a profound impression on the crypto landscape. Share your thoughts on the Runes token trend in the comments below.