• Memecoins like PUPS, DOG?GO?TO?THE?MOON, and BILLION?DOLLAR?CAT are becoming popular beta bets for Bitcoin's growth.

• The Runes protocol, which facilitates the creation of fungible tokens directly on Bitcoin using its UTXO model, has overtaken BRC-20 in market capitalization.

• Memecoins serve as a speculative asset during times of low volatility in other crypto sectors.

Bitcoin-based memecoins are gaining traction among some crypto traders on X as a beta bet on bitcoin (BTC) amid its surge to lifetime peaks, making the sector a hot narrative to watch for everyday traders.

Tokens such as PUPS, DOG?GO?TO?THE?MOON (DOG), BILLION?DOLLAR?CAT (BDC), MEME, among others, have gained as much as 35% in the past 24 hours to lead gains among all tracked categories, CoinGecko data shows. Smaller tokens such as CYPHER?GENESIS (CYPHER) has risen over 77%.

The market capitalization of Runes tokens, the protocol that supports these assets, have flipped BRC-20 (another Bitcoin-based protocol) in the past 24 hours, data shows.

Such moves came as BTC added more than 30% in the past 30 days on the back of Republican Donald Trump’s presidential election, boosting sentiment and growth across the sector for his pro-crypto stance.

Runes were created earlier in 2024 to facilitate the creation and management of fungible tokens on Bitcoin. Runes allow users to create fungible tokens, which are interchangeable digital assets similar to how Bitcoin itself or Ethereum's ERC-20 tokens function.