Introduction

Launched in April 2024, the Runes network is one of the blockchain networks that is gaining momentum in the NFT and memecoin market, recently generating over $162.4 million in fees over $15.6 million NFT transactions, thereby showing its long-term impact in the crypto market.

A new token named GIZMO, an imaginary kitten with a lot of potential, has been launched on this network. What is the GIZMO token about, and what is its background and history? Continue reading to find out.

What Is GIZMO IMAGINARY KITTEN?

GIZMO IMAGINARY KITTEN is a Runes token issued on the Bitcoin blockchain using the Bitcoin Runes protocol. The Bitcoin Runes protocol is a token standard for releasing fungible tokens on Bitcoin that aims to give users a more efficient method of producing fungible tokens.

Runes were introduced in April 2024 on block 840,000, corresponding to half of Bitcoin. In September 2023, Bitcoin developer Casey Rodarmor suggested the Runes protocol as an upgraded token standard for generating fungible assets on the Bitcoin network.

Rodarmor describes Runes as a basic protocol with a small on-chain footprint and careful management of Unspent Transaction Outputs (UTXOs). UTXOs are discrete units of Bitcoin value tied to specific addresses on the blockchain, reflecting funds that have not yet been spent and can be used as inputs in new transactions.

Runes differ from the BRC-20 token standard, which is sophisticated and does not use UTXOs. The latter attribute causes the BRC-20 token standard to generate excessive trash UTXOs, causing Bitcoin network congestion.

The purpose of Runes is to replace the less efficient Ordinals-based BRC-20 token standard. Furthermore, the Runes protocol seeks to surpass current fungible token systems on Bitcoin, such as RGB and Taproot Assets, which rely on off-chain data.

Background and History of GIZMO IMAGINARY KITTEN

GIZMO IMAGINARY KITTEN was launched in October 2024, a community rune released under the Viral Public License (VPL) with no dev, no teams and no pre-mine; it is only puppet-coded vibes.

GIZMO IMAGINARY KITTEN has a total circulating supply of 1 billion with no specified tokenomics as there is no team and devs behind it currently as of October 15, 2024.

GIZMO is a community-driven token not officially associated with The Puppets collection.

Some puppet holders felt that creating a new collection could dilute the current ecosystem and were against the idea (even though a new collection was never formally announced, only playfully teased).

It seemed that people outside the Puppet ecosystem were incredibly excited about the chance to join this world. This excitement for something new appears to be channeled into the current GIZMO ticker, even though it isn’t officially linked.

The story of Gizmo fits into the Runes ecosystem extremely well as it has the popular cute-meme-animal style. It also adds a lot of enjoyment for fans of the Puppet lore.

Additionally, this move brings more attention to the original collections by expanding the lore and reach of the existing world. Some see it as a “beta play” for Pups World Peace, which is a fair perspective.

The Price Change of GIZMO on CoinEx

GIZMO token was listed in CoinEx on October 14, 2024, and trading, deposits and withdrawals were made available immediately.

Since it was listed on CoinEx, there has not been a significant price increase for the token, but the lowest price of this token is around $0.01, and the current price is $0.01396 as of October 15, 2024.

Apart from the general crypto market, other factors that might impact the GIZMO token include its popularity in the puppet ecosystem and the great community behind the GIZMO project.

Overview

Name: GIZMO
Official link: https://gizmokitten.xyz/
Explorer: https://magiceden.io/runes/GIZMO%E2%80%A2IMAGINARY%E2%80%A2KITTEN
Total supply: 1 Billion
Contract address: GIZMO%E2%80%A2IMAGINARY%E2%80%A2KITTEN
Telegram: https://t.me/gizmoimaginary
Supported CEX: CoinEx, Bitget
Convenient for users to know in time: https://www.coinex.com/en/info/GIZMO

*This article does not constitute investment advice.

Exploring GIZMO: A Deep Dive into GIZMO IMAGINARY KITTEN