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Rune Token Transactions on Bitcoin Blockchain 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.
Rune’s average daily transactions from June 22 to June 28 were 37,820, down 90% from 331,040 between June 9 and June 15. On June 24, transactions hit a low of 23,238, the lowest since the protocol’s launch on April 20, 2024.
Daily Rune Transaction since the protocol launch on April 20 | Source: Dune Analysis
This drop also has significant implications for Bitcoin miner fees. Runes have contributed less than 2 Bitcoin to miner fees over the past six days, down from 884 Bitcoin 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 account for only 4.9% – 11.1% of all Bitcoin transactions in the last 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 rate, a key indicator of miner revenue. At the same time, Bitcoin miner reserves have fallen to 1.90 million Bitcoin, the lowest level in over 14 years.
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