Within the second half of 2023, the Bitcoin protocol witnessed the emergence of tokens launched by means of the BRC20 normal, which was later succeeded by the Runes protocol following the community’s fourth halving.
BRC20 and Runes Tokens Stagnate
As soon as hailed as progressive additions, these digital belongings now seemingly seem as fleeting anomalies, with valuations tumbling precipitously from their historic peaks. Two distinct token classes rooted in Bitcoin have surfaced since 2023: BRC20 and Runes tokens.
At the moment, SATS (Ordinals), the main BRC20 token, instructions a $257 million valuation, whereas DOG leads the Runes cohort at $190 million. Collectively, they represent 54.77% of the mixed $817 million marketplace for each of those token lessons. SATS has eroded 86.7% of its peak worth, and DOG languishes 80.7% beneath its all-time value report set simply three months in the past.
ORDI market cap.
As an example, the BRC20 ecosystem beforehand eclipsed $2 billion in complete worth. DOG briefly neared $961 million by mid-December 2024. ORDI, now second amongst BRC20 tokens at $193 million, as soon as boasted a formidable $1.8 billion market capitalization. Since cresting on March 5, 2024, ORDI has shed 90.4% of its value. Amongst Runes tokens, MIM (Bitcoin) follows DOG in second place with a $37.5 million footprint.
MIM entered markets in late February 2025 however has already retreated 48% from its Feb. 20 pinnacle. PUPS, the third-ranked Runes token at $28.38 million, sits 99.3% beneath its former glory. Finishing the BRC20 trio, WZRD maintains a $33.43 million presence regardless of surrendering 90.2% of its worth since April 19, 2024.
Whereas protocols like BRC20 and Runes briefly captured market creativeness, their fast depreciation indicators a maturing sector the place technical novelty alone struggles to anchor long-term adoption. Their potential resurgence could in the end decide if these BRC20 and Runes ventures can transcend ephemeral traits.
