The Rune protocol, which launched at the same time as 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 down.
Summary:
Runes launch triggers Fomo frenzy! Bitcoin transaction fees exceed $200, Satoshi’s namesake token surges 600%.
Background:
Seizing the opportunity: Rune launch countdown guide to 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 the first meme coin airdrop with $DOG.
The Rune protocol, launched simultaneously with the Bitcoin halving, caused a market frenzy as soon as it went live, resulting in a significant increase in Bitcoin transaction fees. The increase even exceeded the impact of the Bitcoin reward halving to 3.125 BTC. The total block rewards reached 40.751 BTC, equivalent to over 2.6 million USD.
Data from 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 more than half the next day to 312,000 transactions, and as of today (25th), there are only about 77,000 transactions remaining.
Note: Since its launch, the Bitcoin network has processed 3.33 million Rune transactions, accounting for 62.2% of all Bitcoin transactions.
This has also led to criticism from some Bitcoin conservatives. Nikita Zhavoronkov, the chief developer of blockchain search engine Blockchair, commented last night (24th): “Bitcoin is no longer a ‘peer-to-peer electronic cash system.’ It can only process almost 0.5 currency transactions per second, and people are paying over $100 for it.”
Bitcoin network fees return to calm
Currently, Bitcoin network fees have significantly returned to calm. According to mempool data, fees have dropped to levels ranging from 30 sat (2.88 USD) to 34 sat (3.06 USD) per byte. This is in stark contrast to the levels ranging from 127.59 USD to nearly 200 USD per byte during the Bitcoin halving on the 20th.
Comparison of Bitcoin network fees (above: current, below: during BTC halving)
Today, the most market-focused Rune is the 3rd Rune, DOG•GO•TO•THE•MOON ($DOG), airdropped by Runestone founder Leonidas. Within less than 24 hours of going live, its trading volume has exceeded $100 million (including 4.97 million on OKX and 6.12 million on Magic Eden), making it the highest trading volume Rune.
OKX data shows that $DOG is currently priced at $0.003, with a 9% increase in the past 24 hours, and a market value exceeding $300 million, becoming the second-largest market value Rune, second only to the 1st Rune, Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z, with a market value of $2.98 billion.
Related reports:
Character length, incomprehension, soaring fees: What happened after the launch of the Rune protocol?
Only four on the whole network: ViaBTC auctions “epic rare Satoshi” from Bitcoin halving, bidding exceeds 5 BTC.
Bitcoin Runes must-see project: 0th Rune deployed by Ordinals founder Casey, 3rd Rune is Runestone’s meme coin airdrop.