The Runes protocol, a new standard for creating fungible tokens on the Bitcoin blockchain, experienced a highly successful launch, generating $135 million in fees in its first week following the Bitcoin halving. However, activity on the protocol has declined sharply since then. On May 10 and May 11, Runes saw its lowest activity levels, with a significant drop in new mints and wallet interactions. Data shows that daily activity has plummeted by over 99% from its peak, raising concerns about the protocol's sustainability and long-term viability. Recent data also indicates a significant slowdown in user engagement and transaction volumes.
DOES ANYONE EVEN CARE ABOUT ‘RUNES’ ANYMORE…? - So-called ‘Runes’ took the industry by storm roughly three weeks ago, their launch coinciding with the 2024 #Bitcoin halving event. - Much to the delight of $BTC miners, Runes sent Bitcoin transaction fees skyrocketing,… https://t.co/GC1calVV8V https://t.co/HfiGL3HVXw
🚨JUST IN: #BITCOIN 'RUNES' ACTIVITY COLLAPSES BY MORE THAN 50% IN LESS THAN TWO WEEKS
#Bitcoin Runes activity drops over 99% from April high 📉🥶 Have you been trading #Runes? 👀 https://t.co/g7NHOMPvzb https://t.co/PxE75hKCNM
Activity on the Bitcoin Runes protocol has slowed over the past week, a sign the new protocol failed to generate meaningful traction among users despite a stellar first week. By @shauryamalwa https://t.co/G1QFTscMO4
Runes etched on Bitcoin daily: 26th April, 2024: 23,061 30th April, 2024: 9,639 13th May, 2024: 157 That is an alarming 99% drop in the past 20 days! What do you think of the future of Runes? Will it be a sustainable trend on Bitcoin? 👇 https://t.co/JDisTMGhGm
🗞️ Crypto News The Runes protocol, known for enabling the creation of fungible tokens on the Bitcoin blockchain, has experienced a significant decrease in activity since its initial week of trading. 🔗 https://t.co/qc0glMnE3R #CryptoNews
Why does the #Runes protocol see a significant decline in activity? Is it true that @SECGov is going after @tether_to? Find out in our latest episode of Rise’n’Crypto with @rkbaggs. 👇 https://t.co/cMLubUq2dc https://t.co/oOL5whON8s
Runes Protocol Activity Shows Dramatic Decline 20 Days After Launch Runes generated a staggering $135 million in transaction fees within its first week. However, recent data indicates a significant slowdown in user engagement and transaction volumes. https://t.co/PS0uK7d0tj
Activity on Bitcoin’s Rune protocol has dropped significantly, with data showing it reached its lowest level on May 11 https://t.co/TLDI6YvoR2
#Runes protocol has seen a decline in activity, with fewer mints and wallet interactions on May 10. https://t.co/NAdmeTNV9B
#Runes protocol launched on #Bitcoin three weeks after its halving, raking in $135 million in fees in the first week. But activity has plummeted since then. May 10th saw the lowest activity levels for Runes, showing a significant drop in new mints and wallets. It's a crucial… https://t.co/aaOblwCiNO
Runes activity has come down substantially since the #Bitcoin halving. Will it return? https://t.co/jhkDwIiV1E
The Runes protocol generated $135 million in fees in its first week after the bitcoin halving, but activity has dropped dramatically since then, with May 10 being the lowest day for activity and only two times in the last twelve days generating over $1 million in fees.…
2/ 🤔 Not familiar with Runes yet? It’s a fresh standard for creating fungible tokens on Bitcoin. With Ordinals (Bitcoin NFTs) and BRC-20 (fungible tokens via inscriptions) gaining traction, Runes is the logical next step for enhancing Bitcoin-based tokens' efficiency. 🔮