In the second half of 2023, the Bitcoin protocol witnessed the emergence of tokens introduced through the BRC20 standard, which was later succeeded by the Runes protocol following the network’s fourth halving.
BRC20 and Runes Tokens Stagnate
Once hailed as innovative additions, these digital assets now seemingly appear as fleeting anomalies, with valuations tumbling precipitously from their historic peaks. Two distinct token categories rooted in Bitcoin have surfaced since 2023: BRC20 and Runes tokens.
Today, SATS (Ordinals), the leading BRC20 token, commands a $257 million valuation, while DOG leads the Runes cohort at $190 million. Together, they constitute 54.77% of the combined $817 million market for both of these token classes. SATS has eroded 86.7% of its peak value, and DOG languishes 80.7% below its all-time price record set just three months ago.
ORDI market cap.
For instance, the BRC20 ecosystem previously eclipsed $2 billion in total value. DOG briefly neared $961 million by mid-December 2024. ORDI, now second among BRC20 tokens at $193 million, once boasted a formidable $1.8 billion market capitalization. Since cresting on March 5, 2024, ORDI has shed 90.4% of its worth. Among Runes tokens, MIM (Bitcoin) follows DOG in second place with a $37.5 million footprint.
MIM entered markets in late February 2025 but has already retreated 48% from its Feb. 20 pinnacle. PUPS, the third-ranked Runes token at $28.38 million, sits 99.3% below its former glory. Completing the BRC20 trio, WZRD maintains a $33.43 million presence despite surrendering 90.2% of its value since April 19, 2024.
While protocols like BRC20 and Runes briefly captured market imagination, their rapid depreciation signals a maturing sector where technical novelty alone struggles to anchor long-term adoption. Their potential resurgence may ultimately determine if these BRC20 and Runes ventures can transcend ephemeral trends.
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