The use of the Runes protocol for Bitcoin transactions has fallen to a new low of 1,67% of the total volume of transactions on the blockchain. Transaction fees have fallen to a record low of $250,000.
This is a far cry from the performance that Runes demonstrated between April and November 2024, when the protocol accounted for more than 50% of daily transactions on the Bitcoin network.
The decline in Runes activity coincided with the overall dynamics of the market, which is currently seeing changes in investor behavior. Thus, high volatility in BTC prices has distracted the crypto community from experimental protocols in the Bitcoin blockchain, such as Runes and Ordinals. Especially since they are often considered high-risk applications. Investors have switched their attention to other assets, in particular, meme tokens and NFT on the blockchain Ethereum .
However, if the Bitcoin rate stabilizes, then crypto market participants will again begin to show interest in Bitcoin ecosystem projects, Runes and Ordinals.
Runes is a protocol that makes it easy for users to create fungible tokens ( NFT ) in the Bitcoin network and further manage them, offering an alternative to the more complex BRC-20, RGB or Taproot Assets.
