For the fourth time ever, miner incentives were halved on Friday night, as Bitcoin saw another halving.

However, Bitcoin isn't the greatest winner in the cryptocurrency markets this weekend. Rather, meme currencies are leading the way; in the last day, a few well-known tokens have seen significant double-digit percentage increases.

The most successful coins so far this weekend have been those with dog themes. According to CoinGecko data, the Solana-based BONK has seen a huge 37% price increase in just the last day alone, rising to a current price of $0.000021.

In essence, BONK has recovered to its previous level, having fallen along with a large portion of the market on April 12.

However, out of the top 100 coins, BONK has experienced the most swing to date.

by market cap, other pup-centric meme coins on Ethereum are faring well this weekend too: FLOKI has jumped nearly 19% over the last day to nearly $0.00017, and Shiba Inu (SHIB) is up 14% to a price above $0.000026.

Other hot meme coins at the moment include Ethereum’s PEPE, up 13% to nearly $0.000006, and the Solana-based Dogwifhat (WIF), which has climbed almost 8% to about $3.00.

Ethereum and Solana meme coin traders may be returning to familiar, established meme coins while other traders explore the new frontier of tokens minted via Runes, the new Bitcoin fungible token standard that launched alongside the hazard.

The protocol was created by Casey Rodarmor, inventor of the NFT-like Ordinals protocol.

There’s been immense hype around Runes as project creators raced to be one of the first to launch a Bitcoin token using the protocol, and users collectively spent millions to create and mint tokens during the first few blocks after the halving late Friday.

But trading volume so far has been relatively modest, per data tracked by the OKX marketplace.

The most-traded Runes token over the last 24 hours, per OKX, is Satoshi Nakamoto, aptly named after the pseudonymous inventor of Bitcoin.

The token has about $2.7 million worth of trading volume during that span, with a market cap of $136 million and a price of approximately $6.50 worth of Bitcoin.

That kind of market cap wouldn’t put the Satoshi Nakamoto token anywhere near the top 100 overall cryptocurrencies by market cap, per CoinGecko, which gives some sense of the current size of demand for early Runes.

But some traders are betting that these early Runes will see wider interest in time as trading tools improve and the protocol becomes more established.

Bitcoin itself has failed to generate much short-term momentum after the halving. It’s up about 1.5% on the day to a current price just below $65,000, and at most has only climbed to about a 3% gain since the Friday night event.

However, historically speaking, the largest post-halving gains for Bitcoin occur some months later, when the ecosystem as a whole begins to feel the effects of the slower supply increase.

In addition, this has been a singular cycle as, in the midst of the surge in spot Bitcoin ETFs, the price of Bitcoin actually broke its 2021 top in March and hit a new all-time high before the halving. This time around, post-halving price movement is going somewhere new.