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With the Bitcoin Rune narrative not going away, Runix, the first on Ethereum, could be ready for a parabolic move in a post-BTC halving market.
Since the Bitcoin halving a week ago, Bitcoin Runes have dominated Bitcoin blockchain activity, with over 70% of transactions attributed to Rune etchings.
Regular Bitcoin transactions represented 19% of the transactions. BRC-20 tokens and Ordinals counted for just 0.2% and 0.1%, respectively.
They also accounted for 64% of fees collected on Tuesday 23rd April, with 2075 BTC, equating to $133 million in total fees.
Since the launch of the Runes protocol that came with the Bitcoin halving, just shy of 700,000 users have etched 8000 Runes, with a combined 3.1 million transactions all relating to Runes.
Later on in this article, we will take a look at one Rune-related project in particular, Runix, and why we are so bullish on it.
Runix – Why This Bitcoin Rune Could Easily Pull a 100x
(RUNIXUSD)
Runes are an extremely hot narrative right now largely in part due to the race by projects to be one of the first to etch the first batches.
Those that are etched early are believed to be able to be the most sought-after. The belief is these early etchings will be worth a lot due to their rarity and age.
One Rune-related project that stands out among the rest is Runix ($RUNIX). Powered by the BVM (Bitcoin Virtual Machine) infrastructure, Runix is the token that powers RuneChain.
It is a Bitcoin Layer 2 that aims to scale Bitcoin for Rune trading. It’s made for mass adoption with a rock bottom $0.001 average transaction fee and a super fast 1-second block time.
There are many reasons to be bullish on Runix. They were the 4th Rune etched on Bitcoin so they’ll be considered one of the rarer and more valuable collections as time passes.
They are also a first mover as Runix is the first Rune project on Ethereum, and not only this, but it is also the first Rune project that offers revenue sharing. These extremely bullish catalysts make Runix stand out among the hundreds of related projects.
Many people find navigating the Bitcoin network extremely tedious, and this deters many investors from exploring Bitcoin Layer 2’s, Runes, Ordinals, etc.
With Runix being the first of its type on Ethereum, it is traded as you trade any ERC-20 project, available on the Uniswap DEX.
Market participants clearly agree that Runix has processed over $3.5m within the past 24 hours.
This insane volume on such a low market cap project is a testament to the bullish feeling around Runes and familiarity with trading on Ethereum.
The Bottom Line: Could Runix Be Easiest Win On Bitcoin Markets?
For any market participant wanting to dip their toe into this sector and being put off by the confusing nature of it all, Runix represents the perfect solution.
With the overall market in a dip, Runix has fared no different, being down from its all-time high $12m market cap to just $4.5m.
This is a unique project within one of the hottest narratives right now and once the market picks up, I wouldn’t be surprised to see Runix go on an insane run in 2024 – so stay tuned!
EXPLORE: Top 5 Bitcoin Runes Projects To Buy Post Halving
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
