Under volatile crypto market conditions, Runes sees a "mini bull run," drawing attention to the Meme "zoo" market行情
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Under volatile crypto market conditions, Runes sees a "mini bull run," drawing attention to the Meme "zoo" market行情
Bitcoin's Runes ecosystem, however, has remained active during this downturn, forming a meme-driven "mini bull market" dominated by animal-themed tokens.
Navigating Web3 tides with focused insightsBy Weilin, PANews
Recently, the cryptocurrency market has experienced overall volatility and a broad downturn, likely influenced by multiple factors including Bitcoin ETF inflows and outflows, rising mining costs for miners, and diminishing expectations of Federal Reserve rate cuts. Despite this bearish trend, Runes on the Bitcoin ecosystem have remained active, forming a meme-driven "mini bull market" dominated by animal-themed tokens.
This rally is primarily driven by various animal-themed meme coins, featuring several notable representative tokens such as DOG•GO•TO•THE•MOON, “Billion Dollar Cat” BILLION•DOLLAR•CAT, and wolf-themed LOBO•THE•WOLF•PUP. Some animal coins like STUPID•SILLY•CAT surged as much as 1517.06%.
Despite their apparent prosperity, these animal coins harbor underlying risks. This article by PANews analyzes the market performance, fundamentals, and potential risks associated with these Runes-based animal meme coins.
Bear Market Prevails, Animal Runes Defy Trend
According to CoinGecko data, as of 3:00 PM on June 18, the total cryptocurrency market capitalization dropped to $2.48 trillion, down 2.2% within 24 hours. Bitcoin (BTC) held a 52.1% market share, while Ethereum (ETH) accounted for 17%. During the same period, total liquidations across crypto derivative markets reached $464 million, including $403 million in long positions and $61.26 million in short positions.
However, amid this broader market downturn, Runes have demonstrated strong activity. On June 18, Rune trading volume hit $7.46 million, up 30.30% from the previous day. In particular, animal-themed meme coins stood out, creating what's being called a "zoo" market. In terms of market cap, top animal meme coins include DOG•GO•TO•THE•MOON, which reached a market cap of $609 million by June 19. It is Rune #3, deployed by Leonidas, the creator of Runes.
Second in market cap is “Billion Dollar Cat” BILLION•DOLLAR•CAT at $66.14 million, hailed as the second "Catcoin." The wolf-themed token LOBO•THE•WOLF•PUP follows with a market cap of $35.8 million. As Rune #9, it was deployed by Buoyant Capital @_BuoyantCapital. Close behind is dog-related WANKO•MANKO•RUNES with a market cap of $11.01 million.
Wolf-themed token LOBO•THE•WOLF•PUP
Animal Gathering: Cat and Dog Themes Remain Dominant
In terms of price gains, STUPID•SILLY•CAT—a $1.31 million market cap animal coin—ended its minting around 9:20 AM on June 18 and saw its price surge by 1517.06%. The token currently has 1,417 holders and 1,807 minters.
Meanwhile, ANIMALS•FACING•LEFT rose 364.00%, though it currently has only 164 holders.
From a trading volume perspective, DOG•GO•TO•THE•MOON leads with $1.9 million in 24-hour volume, followed closely by BILLION•DOLLAR•CAT at $1.63 million. The popular STUPID•SILLY•CAT recorded $560,000 in volume. While animal memes on Runes boast non-trivial valuations, their daily trading volumes remain relatively low. By comparison,同期 DOGE had $394 million in trading volume, Pepe reached $574 million, Solana’s meme coin WIF achieved $327 million, and BONK hit $146 million.
Within the dog-themed category, besides DOG•GO•TO•THE•MOON, other projects worth noting include REST•IN•PEACE•HARAMBE, an older project based on the Doge meme that has been dormant for some time. DOGS•DAO•MEMECOIN gained attention after being retweeted by DOG•GO•TO•THE•MOON founder Leonidas. Other dog-themed memecoins include BILLION•DOLLAR·DOG and SPARKY•RUNEDOG, both aiming to mirror the success of Billion Dollar Cat.
Notably, Rune #5 DOG•DOG•DOG•DOG•DOG, despite its team remaining anonymous, reportedly spent 7.6 BTC on deployment. However, the team remains low-key, and the token features 100% pre-mining.
In the cat-themed segment, two rainbow cat variants—NON•STOP•NYAN•CAT and POP•TART•NYAN•CAT—are particularly popular. NON•STOP•NYAN•CAT leverages the fame of the original BTC-based Rainbow Cat, while POP•TART•NYAN•CAT is an earlier Rainbow Cat project with fewer foreign holders.
Other animal-themed tokens gaining traction include hamster coin SAIKO•HAMSTER and elephant-themed THE•ELEPHANT•IN•THE•RUNE. SAIKO•HAMSTER has project backing and a current market cap of $2.46 million. THE•ELEPHANT•IN•THE•RUNE also has team support, with a market cap of $124,000 but only 362 holders so far.
Other animal projects such as duck-themed UNGOVERNABLE and koala-themed KOALA•ON•IMPALA have also sparked discussion and interest.
Whale Manipulation Risks: Can They Truly Drive a Bull Market?
From investor and user experience perspectives, while Runes and animal meme coins represent an emerging asset class generating excitement, they also carry inherent risks. As shown in earlier data, these tokens generally suffer from low trading volumes and limited participation. If project teams or early insiders hold large portions of the supply, such concentrated ownership makes prices vulnerable to manipulation by a few large holders who can influence market movements through bulk buying or selling.
On June 18, a crypto market observer commented on wizard-themed meme coins: "There are already seven or eight wizard runes, and not a single one hasn't gone to zero." This reflects concerns about market volatility and the long-term viability of certain memes, with some users likening Rune investments to buying lottery tickets.
Moreover, without genuine market liquidity, capital may flow into trendy memes rather than sustainable, fundamentally sound projects. Influencers may use social media and news platforms to artificially inflate prices and trading volumes of specific tokens.
For example, on June 16, a crypto user pointed out this phenomenon: "After deploying a rune, they reach out to influencers to tweet about it, attracting speculators to mint. These names are all about piggybacking on trends—when successful, the project 'takes off' and the insiders dump their pre-mined bags and exit; if it fails, no big deal—they just move on to the next one." Such speculative behavior could exacerbate market instability and bubble risks.
As of June 18, there were 74,454 protocol ticks (TICKS) on Runes, with 619,009 holders. Overall, despite the broader market downturn, animal meme coins on Runes have created a unique "zoo" landscape, injecting some vitality into the market. However, users should remain cautious. Staying informed and investing rationally is key to navigating this wave of market enthusiasm with stability.
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