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Bitcoin Blockchain Runic Token Transactions Down 88%
Recent data from Dune Analytics has indicated a significant decrease in activity for the Runes token standard on the Bitcoin blockchain. According to the data, Rune’s daily transactions have declined by more than 88% since the peak in June.
Average daily Rune transactions from June 22-28 were 37,820, down 90% from the 331,040 recorded between June 9-15. On June 24, transactions hit a low of 23,238, the lowest since the protocol launched on April 20, 2024.
This drop also had notable implications for Bitcoin miner fees. Runes have contributed less than 2 Bitcoin to miner fees over the past six days, a drop from the 884 Bitcoin recorded on April 24.
The Runes protocol, introduced by Ordinals creator Casey Rodarmor, was designed as an efficient way to create new tokens on the Bitcoin network. However, recent data shows that Runes transactions accounted for only 4.9% – 11.1% of all Bitcoin transactions in the past week.
The reduction in network fees, combined with the decline in Bitcoin’s price, has led to a near-record low in Bitcoin’s hash price, a key indicator of miner revenues. At the same time, Bitcoin miners’ reserves decreased to 1.90 million Bitcoins, the lowest level in over 14 years.
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