Runes Protocol, launched simultaneously with the Bitcoin halving, quickly became the focus of the market. On the 23rd, Runes experienced its highest trading volume, exceeding 750,000 transactions. However, as of today (25th), there are only about 77,000 transactions, indicating a cooling trend.
(Previous Summary:
Runes Launch Ignites Fomo Frenzy! Bitcoin Transaction Fees Break $200, Satoshi Nakamoto Token Surges 600%)
(Supplementary Background:
Seizing the Opportunity: Runes Protocol Launch Countdown – Comprehensive Guide on Participation, Wallet Registration, and UTXO Split)
Table of Contents:
Runes account for 62% of all Bitcoin transactions
Bitcoin network fees return to calm
Runestone completes first meme coin $DOG airdrop
The Runes protocol, launched simultaneously with the Bitcoin halving, ignited a market frenzy upon its launch, causing a significant increase in Bitcoin transaction fees. The magnitude of this increase exceeded the impact of the Bitcoin reward halving to 3.125 BTC, with the total block reward reaching 40.751 BTC at one point, equivalent to over 2.6 million USD.
Data from blockchain data analyst Crypto Koryo’s Dune dashboard shows that Runes experienced its highest trading volume on the 23rd, with over 750,000 transactions. However, the volume decreased by over half the following day, reaching 312,000 transactions. As of today (25th), there are only about 77,000 transactions remaining.
Note: Since its launch, the Bitcoin network has processed 3.33 million Runes transactions, accounting for 62.2% of all Bitcoin transactions.
At the same time, this has also attracted criticism from some Bitcoin conservatives. Nikita Zhavoronkov, Chief Developer at blockchain search engine Blockchair, commented last night (24th), stating, “Bitcoin is no longer a ‘peer-to-peer electronic cash system.’ It can barely handle half a transaction per second, and people are paying over $100 for it.”
Bitcoin network fees return to calm
Currently, the transaction fees on the Bitcoin network have significantly returned to calm. According to mempool data, fees have fallen to a level of 30 sat (2.88 USD) to 34 sat (3.06 USD) per byte. This is in stark contrast to the fees during the Bitcoin halving, which ranged from $127.59 to nearly $200 per byte on the 20th.
Comparison of Bitcoin network transaction fees (upper image at the time of writing, lower image during Bitcoin halving)
Today, the most notable Rune in the market is the number 3 Rune DOG•GO•TO•THE•MOON ($DOG), airdropped by Runestone founder Leonidas. Within less than 24 hours of its launch, the trading volume has exceeded 100 million USD (OKX with 4.97 million and Magic Eden with 6.12 million), making it the Rune with the highest trading volume.
OKX data shows that the floor price of $DOG is currently $0.003, with a 9% increase in the past 24 hours. Its market capitalization has surpassed 300 million USD, becoming the second-largest market-cap Rune, second only to the number 1 Rune Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z with a market capitalization of 2.98 billion USD.
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