A new cryptocurrency called Runes made its debut on April 20, the same day as Bitcoin’s fourth halving. The excitement surrounding the halving contributed to Runes’ impressive entry into the market, attracting a significant amount of attention and activity.
The launch of Runes caused a significant buzz in the crypto industry, particularly within the Bitcoin market. This led to debates about Bitcoin’s future and utility, reminiscent of previous discussions surrounding the introduction of Bitcoin Ordinals.
After a month since its launch, analysts have been able to assess the impact of Runes on the market and make predictions about its future. Initial analysis revealed that on the day of the halving, Runes transactions made up a substantial portion of all Bitcoin transactions, indicating a high level of interest in the new cryptocurrency.
However, data from Dune Analytics showed that the initial spike in Runes’ activity was not sustainable in the long run. The number of transactions and fees generated fluctuated significantly in the days following the launch, with a noticeable decline observed shortly after the peak activity.
Despite the decline in popularity and usage, Runes managed to create a significant impact in the Bitcoin market, with a substantial number of transactions and mint transactions resulting in considerable transaction fees.
As Runes continues to establish itself in the market, experts predict a decrease in its influence on fees and transactions. Although there may be spikes in activity during popular mint events, overall stability and predictability are expected in the integration of Runes into the Bitcoin transaction landscape in the months to come.
