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The market for Bitcoin-based NFTs, particularly Runes, is experiencing a notable decline in market cap, which is affecting overall sentiment. Despite this, the top 10 Bitcoin-based NFTs have seen a surge in market cap to $1.03 billion, with an average daily trading volume of $2.25 million in May 2024. The Runes market is currently being calculated based on Fully Diluted Valuation (FDV) rather than circulating supply market cap, leading to discrepancies in market cap figures. For instance, the Rune $LOBO has a market cap of $38 million based on its 78% circulating supply, while Magic Eden quotes it at $52 million. Some Runes, including DOG, RSIC, PUPS, and WZRD, are maintaining multi-hundred million market caps and daily volumes of a few hundred thousand USD, which some view as a sign of potential future growth.
There are Runes out there just holding multi 100 Millie market caps, doing couple of 100 USDk of volume a day rn While things are quiet Strikes me as turbo bullish Any other chain theyโd have been decimated quickly Need little imagination to see what happens in mature market
Seeing fair few posts about people feeling down (or down bad) bc runes retraced / consolidating Natural feeling but especially for the top market cap ones - say DOG, RSIC, PUPS & WZRD - literally no reason to feel that way If you believe in Runes overall, these haveโฆ
It's important to keep in mind that the Runes onchain markets (Magic Ede, Unisat, OKX) calculate Runes FDV and not circulating supply market cap. For example $LOBO has a 78% circulating supply giving it a market cap of $38M whereas Magic Eden quotes the market cap at $52M.โฆ https://t.co/uyvkxXDQ4j
