Runes dominate the Bitcoin network and outpace BRC-20

The recent popular DOG meme on Bitcoin helped Runes account for 81% of all transactions on the Bitcoin network on Tuesday according to data on Dune.

According to data from Dune, Rune Bitcoin is dominating activity on Bitcoin, with more than 81% of transactions on Tuesday being Rune etchs Meanwhile, other Bitcoin transactions accounted for 19% of all trades, with BRC-20 tokens and Ordinals coming in third and fourth place with shares of 0.2% and 0.1%, respectively.

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According to Dune Dashboard, 750,428 Runes trades accumulated on Tuesday, followed by another 174,475 transactions with 1,392 BRC-20 trades and 715 Ordinal trades.

Runes also accounted for 64% of transaction fees collected on Tuesday with 2,075 BTC, for a total fee of about USD 133 million.

BREAKING: Runes accounted for 72.7% of all Bitcoin transactions in the past 24 hours

— Ord.io (@ord_io) April 24, 2024

Since the launch of protocol Runes and the Bitcoin halving event, 692,480 users have etched 7,995 Runes, for a total of 3.1 million Runes-related transactions.

For example, on Wednesdays, the Rune DOG collection· GO· TO· THE· MOON (DOG) airdropped Rune 100 billion into eligible wallets, recording USD 336 million market capitalization in value according to data from Bitcoin Runes Magic Eden.

Runes played a role in driving the surge in activity and led the ambitious Bitcoin community to enter the race to be among the first to carve out the first batch of Rune tokens, hoping to sell at a higher price because of their rarity and age

"For reference, a typical sats will cost between 200 and 500 USD depending on market volatility; The rare SATS we've seen can earn up to 3 Bitcoin ($193,242)."

Nick Hansen, CEO of mining company Luxor said

VIC Synthetic Crypto***