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Is the Bitcoin Runes Hype Over? Revenue Crashes From $117M to $1.03M

Bitcoin Runes' popularity has continued to decrease following the recent completion of the halving.

bitcoin runes

Runes-related transactions have seen a dramatic decline in revenue fees after the halving event completed on April 20, 2024.

Runes Revenue Slowsdown

According to data from Glassnode, Runes revenue fees had reached a high of $117 million amid halving. Particularly on the halving day, a staggering $62.4 million in revenue was collected.

However, the story is beginning to change. The Glassnode chart shows that Runes-related transactions’ current fees are around $1.03 million. This begs the question of whether the Runes frenzy is over.

Runes, a protocol that allows the creation of fungible tokens on the Bitcoin network, was launched on the same day the halving was initiated. While the halving had cut miners’ revenue in half, Runes paved a new way for them to earn extra money.

This innovation created traffic on the Bitcoin network, bringing in more revenue through transaction fees to miners. Since its launch, Runes-related transactions have made up most of the Bitcoin network’s transactions. Last week, Runes helped take Bitcoin transactions to a new all-time high (ATH) of 927,000, breaking the previous peak of 724,000 achieved in December 2023. 

At the time, Dunes Analytics dashboards showed that Runes-related transactions make up 81% of the total transactions on the Bitcoin network. The dashboard also revealed that investors have carried out around 3.6 million Runes transactions on the network since its launch.

Several analysts had predicted that Runes could even have a more significant impact on Bitcoin than the halving. But is the hype around Runes over?

Impact on Miners 

Meanwhile, the slowdown in Runes revenue fees has impacted miners. A new report revealed that while Runes had initially helped miners cope with the halving by increasing their income through fees, the decrease in Rune’s popularity is making miners lose that extra income, thus making it challenging to run less efficient machines and pushing them towards shutting down.

Lucky Ebosele

Lucky Ebosele is an avid writer with over two years of experience covering cryptocurrencies and blockchain tech. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.