NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Runes Protocol’s Network Activity Drops After Early Impact Amid Bitcoin Halving

Published 05/12/2024, 06:01 PM
Updated 05/12/2024, 06:15 PM
© Reuters.  Runes Protocol’s Network Activity Drops After Early Impact Amid Bitcoin Halving
BTC/USD
-
XNO/USD
-

  • Runes protocol lost momentum three weeks after launching on the Bitcoin blockchain.
  • The protocol generated over $135 million in transaction fees in its first week of existence.
  • Onchain data shows Rune experienced its lowest level of activity on May 10 2024.

Runes protocol has lost its original momentum three weeks after launching on the Bitcoin blockchain. The novel fungible token standard has dropped in many ways, including network activity, after dominating the cryptocurrency sector shortly after the last Bitcoin halving in April 2024.

Recallably, Bitcoin fees skyrocketed after Runes launched on the flagship crypto’s blockchain. Users attributed the fee hike to the actions of excited investors fighting for block space. Hence, Runes generated over $135 million in transaction fees in its first week.

The post Runes Protocol’s Network Activity Drops After Early Impact Amid Bitcoin Halving appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.