Key Points
- Bitcoin Runes tokens have seen a surge in value amid a general decline in the memecoin market.
- The daily transactions involving Runes on the Bitcoin network have increased significantly since its launch on 20th April.
The last 24 hours have seen a significant increase in the activity of Bitcoin Runes, pushing the prices of some to record highs. This surge in value of a number of Bitcoin [BTC] Rune tokens is notable, especially considering the general downturn observed in the memecoin market.
Market Performance
Data from CoinMarketCap indicates that the market capitalization of memecoins tracked has fallen by 2% in the past 24 hours. However, during the same period, the prices of Bitcoin Runes tokens such as DOG•GO•TO•THE•MOON [DOG], MAGA•THE•DONALD•TRUMP, and CATS•IN•THE•SATS [CATS] have surged by 22%, 161%, and 127%, respectively, according to data from Runes Alpha.
At the time of writing, DOG was trading at $0.0078, marking a 15% price rally in the past 24 hours. The memecoin reached an all-time high of $0.0084 during early trading hours on 31st May, according to CoinMarketCap’s data. It now has a market capitalization of $787 million and ranks as the 105th largest cryptocurrency.
Protocol Performance Since Launch
On 30th May, the daily transactions involving Runes on the Bitcoin network totaled 534,471, a 38% increase from the 386,327 transactions recorded the previous day. As of 31 May, 238,050 Runes transactions had been executed, bringing its total transaction count to 14,936,003 since its launch on 20th April following Bitcoin’s fourth halving event.
A Dune Analytics dashboard prepared by CryptoKoryo revealed that on 30th May, transactions involving Runes made up 19% of all transactions completed on the Bitcoin network that day. When the Runes protocol went live on 20th April, it accounted for 58% of all transactions completed on the Bitcoin network that day.
However, this has gradually declined as the excitement surrounding this new standard for creating fungible tokens directly on the Bitcoin blockchain has faded over the past few weeks. On 30th May, over 75% of all transactions on the Bitcoin network were towards the sales of BTC coins.
