- Bitcoin Runes have seen increased activity in the past 24 hours.
- This has pushed the prices of a few of them to new all-time highs.
As an analyst with a background in cryptocurrency research and analysis, I find the recent surge in activity and prices of certain Bitcoin Runes tokens intriguing. In the past 24 hours, we have seen increased adoption and trading volume for tokens like DOG, MAGA, and CATS, which has resulted in new all-time highs for some of these memecoins.
Over the last day, there’s been a significant increase in the value of various Bitcoin [BTC] Rune tokens. This uptick occurs despite the downturn seen in the broader memecoin market.
Based on my observation as a crypto investor using CoinMarketCap, the total value of memecoins I follow has decreased by 2% within the last 24 hours.
As an analyst, I’ve noticed some intriguing price movements during the specified timeframe in the Bitcoin Rune market. Specifically, DOG tokens like DOG, MAGA tokens such as MAGA, and CATS tokens including CATS have experienced substantial growth. According to Runes Alpha data, DOG has surged by 22%, MAGA has skyrocketed by 161%, and CATS has risen by a significant 127%.
At the current moment, DOG was priced at $0.0078 in the stock market, representing a 15% surge over the previous 24 hours. Early on May 31st, this meme coin reached its peak price of $0.0084 during trading hours, based on CoinMarketCap’s records.
It now has a market capitalization of $787 million and ranks 105th largest cryptocurrency.
Regarding CATS, its value has increased by approximately 50% over the last 24 hours. Currently, the token is being traded at a price of $1.20 according to the latest data. Notably, CoinGecko reports that CATS reached a new peak price of $1.23 during trading on May 30th.
How has the protocol fared since launch?
As an analyst, I’d express it this way: On the Bitcoin network, I observed 534,471 transactions involving Runes on May 30th. Compared to the 386,327 transactions the day prior, this represented a notable increase of 38%.
Up until the 31st of May, a total of 238,050 Runes transactions had taken place. This amount adds up to an astounding 14,936,003 transactions that have been completed since its inception on the 20th of April, which was following Bitcoin’s fourth halving event.
Based on data from a Dune Analytics report generated by CryptoKoryo, Runes were involved in approximately one out of every five transactions carried out on the Bitcoin blockchain on May 30th.
On the bitcoin network on April 20th, when the Runes protocol became active, it was responsible for approximately five out of every ten transactions concluded that day. The heightened curiosity surrounding the protocol led to a significant surge in daily transactions.
Based on Dune Analytics data, the proportion of total Bitcoin network transactions attributed to a particular entity reached approximately 78% as of 23rd April. This represented a substantial increase of around 45% compared to the number of transactions involving the sale of Bitcoin on the network during the preceding period.
Although the excitement around using Bitcoin’s blockchain to create interchangeable tokens, or NFTs, has lessened in recent weeks, resulting in a gradual decrease.
As a network analyst, I’ve observed that on May 30th, more than three quarters (75%) of all Bitcoin transactions transpired as sales of Bitcoin coins.
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2024-06-01 03:03