Q1 saw a great deal of pre-Halving hype for Bitcoin Runes, but now, weeks after launch, the disappointment surrounding the latest inscriptions is palpable – here’s what you need to know about the state of BTC runes, transaction fees, and Bitcoin miners’ earnings.
The launch of the Bitcoin Runes protocol by Ordinals mastermind Casey Rodarmor was nothing short of explosive.
However, the initial euphoria has since simmered, with Runes activity down over 90% since its April launch, stirring debates about the project was overhyped.
Is Runes dead or a prime 100x buying opportunity? In this article, we’ll discuss.
Are Bitcoin Runes Dead in the Water? A Story of Dominance and Decline
(DUNE)
Timed perfectly with Bitcoin’s halving on April 20, Runes burst onto the scene, introducing fungible tokens to Bitcoin’s previously NFT-only Ordinals.
The launch was a hit, skyrocketing transaction fees and netting Bitcoin miners and early investors $135 million in the opening week.
In effect, Bitcoin had shitcoins like Ethereum, the most popular being DOG•GO•TO•THE•MOON and SATOSHI•RUNE•TITAN.
Runes on bitcoin still early , it’s brand new still not alot of people know about or know there’s memecoin on bitcoin
It’s going to go up and when it does people will buy it and be like “damn I heard of this memecoin on bitcoin, damn I saw it when it was mad low, I should of…
— RunesCrypto (@luxuryguyj) May 13, 2024
Initially, Runes dominated Bitcoin transactions. On April 23, it captured an astounding 81.3% share, and on May 12, 79.1% of transactions dramatically shifted the network’s activity dynamics.
However, this dominance was short-lived. Activity on the Runes protocol began to wane, and engagement hit a significant low since May 10.
At this point, investors are asking themselves if this is the bottom or if building shitcoins on BTC was a dumb idea.
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Is Bitcoin Runes a 100x Idea? Or, Is The Hype Dead?
Even with a dip in protocol activity, Runes still shines for NFT enthusiasts.
Flagship collections like DOG•GO•TO•THE•MOON, PUBS.WORLD.PEACE, and EPIC.EPIC.EPIC have market caps of $2.44 billion, $171.60 million, and $37.78 million, respectively.
These figures, courtesy of Magic Eden, underscore the NFT community’s vibrant engagement and financial commitment toward Runes-based assets.
While Runes has struggled to consistently surpass the $1 million mark in daily transaction fees, a stark contrast to its booming beginnings, it has great potential.
After all, this year’s NFT.NYC, the most popular project, was Bitcoin’s Ordinals, not anything built on Ethereum or Solana.
In a recent event in Asia, Casey Rodarmor, the visionary behind Runes and the Ordinals protocol, teased attendees with the prospect of a new venture.
He hinted at an ambitious audioreactive generative art project, sparking intrigue and excitement about what’s next for the Runes ecosystem. This announcement signals not just ongoing innovation but also a deepening exploration of the intersection between technology, art, and blockchain.
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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.
