The post Runes gains momentum on Bitcoin network as miner fees increase by 32% appeared on BitcoinEthereumNews.com.

Bitcoin-based non-fungible token (NFT) protocol Runes has seen transaction volume increase in the past week, according to data from Dune analytics. With the rise in Runes transactions, the protocol is gradually regaining a significant percentage of the transaction volume on the Bitcoin network. According to the Dune Analytics data compiled by Cryptokoryo, Runes accounted for around a quarter of all Bitcoin network transactions over the past week. The protocol recorded as high as 19.4% of the transactions on October 7, but it fell to around 12% by October 10. Though this is a far cry from its peak performance in April 2024, when it accounted for more than 60% of all Bitcoin network transactions, it is still a welcome development. The growth in transaction volume is peculiar to Runes, with other  Bitcoin-based protocols, such as Ordinals and BRC-20, seeing only a minimal increase in their weekly transactions. However, BRC-20’s share of transactions reached as high as 4% on October 6 before plateauing after. Why is Runes transactions increasing The rise in Runes transactions is likely connected to the recent increase in the value of Runes tokens. Data from Magic Eden shows that several Runes tokens, such as DOG, RSIC, BILLION, and DECENTRALIZED, have all seen double-digit gains over the past day. LOBO saw the biggest gains over the last 24 hours, rising 49%, followed by BAMK and DECENTRALIZED with 41% and 37%, respectively. PUPS is also up 34%, and the biggest Rune token by market cap, DOG, is up 28%, causing its market cap to cross $500 million. Despite the surge in price for all these tokens, their volume is relatively low, DOG has the highest at just $1.58 million, while the whole protocol has an on-chain-on-chain volume of around $5.3 million. There are rumors that DOG might soon get…

---

Filed under: News - @ October 11, 2024 10:09 pm