The Runes protocol, which was launched at the same time as the Bitcoin halving, triggered a market craze as soon as it was launched, causing Bitcoin transaction fees to increase significantly, which even exceeded the impact of the Bitcoin reward halving to 3.125 BTC. The total block reward At one point it reached 40.751 BTC, more than $2.6 million.
Runes account for 62% of all Bitcoin transactions
The Dune data panel of on-chain data analyst Crypto Koryo shows that Runes ushered in its largest trading volume on the 23rd, with more than 750,000 transactions, but the transaction volume dropped by more than half to 312,000 the next day, while So far today (25th), there are only about 77,000 transactions left.
Note: Since its launch, the Bitcoin network has processed 3.33 million rune transactions, accounting for 62.2% of all Bitcoin transactions.
At the same time, this has also attracted criticism from some Bitcoin conservatives. Nikita Zhavoronkov, the chief developer of the blockchain search engine Blockchair, commented yesterday (24th) night: "Bitcoin is no longer an "electronic cash system" at all: it every It can barely process 0.5 currency transactions per second, and people pay more than $100 for it.”
Bitcoin network fees regain calm
Currently, the transaction fees on the Bitcoin network have significantly calmed down. According to mempool data , the fees have fallen back to a level of 30 sat ($2.88) to 34 sat ($3.06) per byte, which is consistent with the Bitcoin halving on the 20th. At a time when per byte ranged from $127.59 to nearly $200, the contrast was stark.
Runestone has completed its first meme coin $DOG airdrop
The rune that attracts the most market attention today is the No. 3 rune DOG•GO•TO•THE•MOON ($DOG) airdropped by Runestone founder Leonidas. The transaction volume has exceeded 100 million US dollars in less than 24 hours after it went online (OKX’s 497 million and Magic Eden's 6.12 million), which is the most traded rune.
OKX data shows that the floor price of $DOG is currently quoted at US$0.003, up 9% in the past 24 hours, with a market value exceeding US$300 million, becoming the second largest rune in market capitalization, second only to the No. 1 rune Z•Z•Z•Z• Z•FEHU•Z•Z•Z•Z•Z has a market cap of $2.98 billion.
