Guide to Getting Started in Bitcoin Runes on Magic Eden
The Bitcoin Runes ecosystem is heating up with the rise of DOG-GO-TO-THE-MOON and BILLION-DOLLAR-CAT. Meme coins are a game of liquidity and mindshare. Bitcoin is a multi-trillion dollar asset and $DOG (DOG-GO-TO-THE-MOON) has massive mindshare. Things could get crazy stupid soon as you’ll see in our video below…
Bitcoin Runes Are Heating Up with DOG-GO-TO-THE-MOON and BILLION-DOLLAR-CAT ($BILLY) Leading the Way…
Meme coin mania in crypto is here to stay for the foreseeable future. In 2024, we’ve seen meme coins explode in popularity on Solana, Ethereum, Avalanche, Sei, Base, Fantom, Sui, and other altcoin chains. Runes bring fungible tokens / meme coin trading to Bitcoin, the largest blockchain in the world. Think of Runes as a leveraged long on Bitcoin as they provide a way to take a small sum of $BTC and potentially turn it into a significantly larger amount. In this tutorial, we’ll walk you through the process of getting started in the Bitcoin Runes ecosystem and show you how to buy them on Magic Eden.
How to Analyze Bitcoin Runes on Magic Eden
Magic Eden is the top marketplace for buying and selling Bitcoin Runes. The first thing I do when looking at the market each morning on Magic Eden is to sort by volume which shows the top Bitcoin Runes in a particular time period. I like to start with sorting by 7 day volume to get a zoomed out view of the market and go down in time frame form there. 
The past couple weeks, $DOG and $billy have dominated the overall Bitcoin Runes market by volume traded. It’s great to see that a dog and a cat are fighting for the top spot in a nascent Bitcoin Runes ecosystem as they are 2 of the most memeable animals. In addition to DOG-GO-TO-THE-MOON and BILLION-DOLLAR-CAT there have been some other notable new Runes pop-up such as; STUPID-SILLY-CAT ($silly), MACKEREL-PACKS ($Macks), PIGGED-BY-PIGGY ($PIGGY), and SHORT-THE-DOLLAR ($STD) among others.
Next, take a look at the etch number, charts, supply, market cap, holder count, and pending buys. For this example, we’ll analyze Dog Go To The Moon using the metrics just mentioned. The chart for $DOG has been on an overall uptrend since the middle of May and has a supply of 100 billion. Larger supplies seem to do better than Runes with lower supplies as it allows for more holders. The more holders a Bitcoin Rune token has, the greater the network effect meaning more people posting about it on Twitter / X and TikTok. The market cap for Dog Go To The Moon is just under 600,000,000 and it’s currently ranks 135 overall for cryptocurrencies on CoinGecko. Another positive for $DOG is the holder count has increased from 72,000 just a couple weeks ago to over 73,500. Holder count is one of the most important metrics when analyzing Bitcoin Runes. 
Next, when analyzing Bitcoin Runes ask yourself if you think it’s a good meme. Is it something that could gain the attention of the masses and is the ticker symbol memorable? Do they have a catchy logo and good website? In my opinion, the answer is yes to these questions for Dog Go To The Moon ($DOG) and Billion Dollar Cat ($billy). They both could appeal to large groups of people, have great tickers, and strong websites. 
Finally, when analyzing Bitcoin Runes projects, take a close look at their social media accounts to see if they are forming a community. Specifically, make sure they have a strong presence on Twitter / X and that they post good content frequently. If they also have an active TikTok account that’s a bonus. But start by analyzing their X account (crypto lives on Twitter) and search their ticker symbol to get an idea of sentiment. If you see a larger number of X accounts posting positive content about $DOG and/or $billy that’s a great sign. On the other hand, if you search for a Bitcoin Rune on Twitter and find very little then it’s probably a sign to look elsewhere.
How to Buy Bitcoin Runes on Magic Eden
Once you’re ready to buy Bitcoin Runes on Magic Eden, connect your Xverse wallet and make sure it’s loaded up with $BTC. Next, determine the amount you’re going to spend and find a lot size that fits your budget. Typically, you’ll have to pay a higher price in sats for smaller lot sizes. That’s why it’s always smart to split your Runes when selling as you’ll most likely get a premium and it’s good for the market.
Watch our video tutorial below to see an example of How To Split Bitcoin Runes into Smaller Lot Sizes on Magic Eden…
After selecting your desired Rune lot size, you have the option of adding mempool protection which increases the chances of your buy going through. Sniping happens when your buy is broadcast to the Bitcoin mempool and is Replaced By Fee. Magic Eden recently added the option for mempool protection to help combat snipers.
Watch our video below to see an example of adding Mempool Protection when Buying Runes on Magic Eden…
Click the “Buy Runes” button after selecting your lot size and your Xverse wallet will open. Review the transaction and click the “Confirm” button. You’ll see a message from Magic Eden that says, “Your Order was Broadcast – Runes will appear in your wallet once the transaction is confirmed.” Next, click the “View Transaction” button which will take you to Mempool.space where you can monitor the progress of your Runes purchase. Once confirmed, the Bitcoin Runes will appear in your Xverse wallet and you can also view them on Magic Eden by clicking on “Portfolio”.
Watch our tutorial video below to see an example of how to buy Bitcoin Runes on Magic Eden…
Example of Buying Runes on Magic Eden…
Update 7/10/2024: Xverse wallet has added the ability to List your Bitcoin Runes for sale in the App! Watch our tutorial video below to see how to list Runes in Xverse…
As each day passes, it seems more clear that the overall crypto market is in a meme coin super cycle. Most of the meme coin trading activity has occurred on Solana and Ethereum thus far in 2024. However, it’s not hard to imagine a world where some of that liquidity filters into Bitcoin Runes. If and when that happens, things could get very interesting. Therefore, now is a great time to dive into the Bitcoin Runes ecosystem and position yourself accordingly.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
