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29 May 2024
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Bitcoin Runes Protocol Faces Struggle for Sustained Momentum

Bitcoin Runes Protocol Faces Struggle for Sustained Momentum

  • Bitcoin Runes saw a sharp decline in user engagement, plummeting by over 50% in the last two weeks.
  • The total Runes stands at 91,285 with a fee of $4.5 million.

The Bitcoin Runes protocol, hailed as a game-changer for faster and cheaper transactions, has seen a significant decline in activity and fee revenue since its much-anticipated launch following Bitcoin’s fourth halving. Despite an explosive start, with over 85,000 token issuances and $3 million in fees within its first 10 days, recent data indicates a stark slowdown.

Bitcoin Runes Activity (Source: Dune)

Initially, Runes dominated Bitcoin network transactions, claiming over 80% of the transaction share at its peak. However, its momentum waned swiftly, dropping to just 20% amidst a broader market decline characterized by falling BTC prices and sluggish growth in alternative tokens.

In the past two weeks alone, key metrics such as fees, new Runes issuances, and user activity have plummeted by over 50%, raising concerns about the protocol’s ability to maintain meaningful traction among users. 

Despite attempts at recovery since early May, activity levels have struggled to reach their initial heights, painting a mixed picture of the future impact of Runes on the Bitcoin ecosystem

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