Doge Runestone Airdrop Concludes: Its Impact on Dogecoin's Market Value
Summary:
The Dogecoin community conducted a "Runestone" airdrop, inspired by last month's NFT-style Bitcoin Ordinals giveaway. A total of 30,272 "Doge Runestones" were distributed to qualifying wallets. These are currently trading at a minimum price of 185 Dogecoin. The Doge Runestones mirror the Bitcoin Ordinals-based Runestone airdrop of March. The Doginals protocol, launched in February last year, also paved the way for the DRC-20 token standard. The blockchain also hosts the iconic shooter game, Doom. However, the airdrop has not positively influenced Dogecoin's trading price.
The Dogecoin blockchain community has just concluded its unique "Runestone" airdrop, which was designed to mirror the NFT-style giveaway conducted via Bitcoin Ordinals last month. By April 2nd, 30,272 creatively named "Doge Runestone" Doginals, the name given to Dogecoin's Ordinals, had been distributed to wallets owning at least one Doginal from the collections specified by Robo AI, who organized the airdrop. Presently, Doge Runestones are commanding a minimum price of 185 Dogecoin (DOGE), valued around $32 and have achieved over $2,000 in trading volume in the last 24 hours, as per the Ordinals Wallet marketplace data. The Doge Runestones, identical in appearance, are illustrated by a golden rock carved with the DOGE logo, similar to the famed Bitcoin Ordinals-based Runestone airdrop of March.
Bitcoin Ordinals function like NFT-like assets such as pictures or files that are consolidated into sats, the tiniest unit of Bitcoin (BTC). Being a derivative of Bitcoin, Dogecoin can utilize Ordinals, specifically its Doginals protocol which was introduced by an unidentified developer in February last year, a month subsequent to Bitcoin Ordinals.
The protocol also facilitated the introduction of the DRC-20 token standard in early May 2023, deriving its nomenclature from Ethereum’s ERC-20 standard and Bitcoin’s analogous BRC-20 standard. There exist 149 Doginal collections and almost 68,000 DRC-20 tokens with a combined market cap of $120 million, as documented by Doginal Explorer data.
The 1993 iconic shooter game Doom has been encoded on the Dogecoin blockchain as a Doginal, perpetuating the meme trend of video game porters running Doom on unconventional hardware like washing machines and toothbrushes. The Doge Runestone airdrop doesn't appear to have positively influenced DOGE's trading price, currently standing at $0.1718, marking a 2% decline in the last day and a 20% decrease over the week, as per Cointelegraph Markets Pro data.
Published At
4/5/2024 8:50:26 AM
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