Runes Token Transactions on Bitcoin Blockchain by Drop 88%

by

As an experienced financial analyst, I find the recent data on the decline in Runes activity and transactions on the Bitcoin blockchain quite concerning. The drastic decrease from the peak in June, with daily transactions falling by over 88%, is a clear sign of reduced interest and usage for this token standard.

As a researcher examining blockchain data from Dune Analytics, I’ve made an intriguing discovery regarding the Runes token standard on the Bitcoin network. The statistics show that daily transaction numbers for Runes have experienced a steep decline, dropping by more than 88% since their peak in June.

As a crypto investor tracking Runes transactions, I’ve observed a significant decrease in daily activity from June 22-28, averaging at 37,820 transactions per day. This is a stark contrast to the 331,040 transactions recorded between June 9-15, representing a shocking 90% drop. The lowest point during this period was on June 24 with only 23,238 transactions, marking a new low since Runes protocol launch on April 20, 2024.

The reduction in the number of transactions processed by the network, known as “decline,” has led to a significant drop in Bitcoin miner fees for Runes. Over the last six days, these fees have amounted to only 1.95 Bitcoins, which is a marked decrease from the 884 Bitcoins worth of fees recorded on April 24th.

The Runes protocol, proposed by Casey Rodarmor, the mastermind behind Ordinals, serves as an effective means for generating fresh tokens on the Bitcoin network. Yet, statistics indicate that Runes transactions comprised between 4.9% and 11.1% of all Bitcoin transactions during the past week.

The decrease in network fees and Bitcoin’s price drop have caused Bitcoin’s hash rate price to nearly reach an all-time low. At the same time, Bitcoin miners’ reserves have shrunk to 1.90 million Bitcoins, which is the smallest amount in more than 14 years.

Read More

2024-06-30 13:41