As a seasoned crypto investor who has witnessed the rise and fall of numerous projects, I must admit that my initial excitement for Runes was palpable. The protocol’s dominance on the Bitcoin network in the first half of 2024 was nothing short of impressive. However, the rollercoaster ride that followed left me with a mix of emotions that only a crypto investor can truly understand – the thrill of record-breaking highs, the anxiety during steep declines, and the uncertainty when trying to predict the next move.
In simpler terms, transactions using the Runes protocol on the Bitcoin network failed to match their past records in December, indicating a significant drop compared to its more influential status in the year 2024.
Ever since the introduction of the Rune protocol, it has consistently maintained the highest data transfer rate on the Bitcoin network. On April 23rd alone, Rune recorded over 753,000 transactions, surpassing Ordinals, BRC-20s, and even Bitcoin (BTC). This significant figure represents more than 81% of all transactions taking place within the Bitcoin blockchain at that time.
Throughout early May, Runes’ pace persisted, yet mid-month saw another dip. Interestingly, the number of transactions for this protocol surged significantly in June. Unfortunately, the protocol struggled to sustain curiosity, plummeting by more than 88% as the month concluded.
Runes recorded over 15 million transactions in the first 4 months
In July, the Runes protocol experienced a significant drop in usage. On average, its portion of transactions dipped below 9%, indicating a decline in investor enthusiasm for Bitcoin-related Non-Fungible Tokens (NFTs).
As a researcher, I’ve observed an intriguing development: Our newly implemented protocol demonstrated promising signs of longevity after handling over 15 million transactions within its initial four months. By August, it had accumulated approximately $160 million in fees and reached a staggering 15.6 million Non-Fungible Token (NFT) transactions. Notably, there was a temporary surge in activity during that month, with the 23rd of August alone recording an impressive 255,000 transactions.
Nevertheless, the number of transactions on the Runes protocol decreased once more in September and had difficulty attaining its earlier peaks during the final three months of 2024.
Runes recorded less than 10% Bitcoin transactions share throughout December
During the month of December, the proportion of transactions attributed to the Runes’ protocol on the Bitcoin network steadily decreased. For most days, its transaction share was less than 10%. However, on Christmas Day, the protocol saw an increase in its share, accounting for 19.9% of all Bitcoin transactions.
The waning enthusiasm towards Bitcoin Runes coincides with a larger trend of decreasing interest in Non-Fungible Tokens (NFTs). In the year 2024, NFTs experienced a seven-month slump that ended temporarily in November and December. However, their lowest point was reached in September when the monthly sales volumes for digital collectibles fell below $300 million, marking the first time since 2021 that this figure had dipped so low.
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2024-12-26 15:41