The Defiant reports that the founder of Runestones is working towards building the biggest community for Memecoins.

Reworded:

The Runestones collection, which was distributed to holders on March 15th, has quickly become the second most valuable collection of NFTs, following CryptoPunks. Currently, the collection has a market capitalization of nearly $600 million and a minimum price of 0.08 BTC or $5,500 on Magic Eden. The creator of Runestones, known as LeonidasNFT, has a goal of introducing millions of people to Bitcoin through this collection.

The purpose of the Runestones collection is to reward early supporters, known as Ordinals OGs, who have contributed to the ecosystem during its first year. The concept is to distribute three memecoins to each Runestones holder, beginning with a dog wearing an orange hoodie. These memecoins will be released once the creator of Ordinals, Casey Rodarmor, launches the Runes protocol. This protocol will offer an alternative to the BRC-20 token standard, utilizing UTXOs to facilitate simpler and more efficient data inscriptions on the Bitcoin blockchain.

According to Jake Gallen, who is responsible for strategy at Emblem Vault, other projects may also create portals for claiming or distributing tokens to Runestone holders due to the large number of holders and the idea of a “free and fair” distribution. He also believes that Runestones could be an effective way for projects to attract and retain users.

The use of memecoins in the Runestones collection aligns with the current trend of memecoins, which have a collective market capitalization of $65 billion. These memecoins have gained popularity and are becoming more mainstream, thanks in part to communities like DogWifHat, which raised $700,000 to display their memecoin’s image on the Las Vegas Sphere. While Solana has been a popular network among those interested in memecoins, other networks are also growing in popularity.

Leonidas decided to build the Runestones collection using the Bitcoin brand, as it is the largest, longest-running, most secure, and most well-known blockchain. He believes that creating memecoins on the Bitcoin network has a strong narrative for many individuals. Additionally, Runestones are built on Bitcoin’s Taproot upgrade, which allows for airdrops of NFTs and fungible tokens from other protocols.

Leonidas sees memecoins as the most transparent form of speculation in the cryptocurrency industry, in response to the unfulfilled promises of utility tokens in the past. His goal is to make the Runestones community the largest memecoin community in the world, given the larger size of Bitcoin compared to Ethereum.