- Bitcoin Runes have seen increased activity over the past 24 hours.
- This has pushed the prices of some of them to new record highs.
The past 24 hours have been marked by a sharp increase in the value of a number of Bitcoins [BTC] Rune tokens. This comes amid the general decline seen in the memecoin market.
According to CoinMarketCapthe market capitalization of the followed memecoins has fallen by 2% in the past 24 hours.
However, during the same period, prices of Bitcoin Runes tokens such as DOG•GO•TO•THE•MOON fell [DOG]MAGA·DE·DONALD·TRUMP, and CATS·IN·DE·SATS [CATS] have increased by 22%, 161% and 127% respectively, according to data from Runic Alpha.
At the time of writing, DOG was trading at $0.0078, representing a 15% increase in the last 24 hours. During early trading hours on May 31, the memecoin exchanged hands at an all-time high of $0.0084, according to CoinMarketCaps facts.
It now has a market cap of $787 million and is the 105th largest cryptocurrency.
As for CATs, the price has increased by 50% in the last 24 hours. At the time of writing, the token was selling for $1.20. Per Coin geckoCATS also rose to an all-time high of $1.23 during the trading session on May 30.
How has the protocol fared since launch?
As of May 30, daily transactions involving Runes on the Bitcoin network totaled 534,471. It was 38% higher than the 386,327 transactions recorded the day before.
As of May 31, 238,050 Runes transactions had been completed. This brings the total number of transactions to 14,936,003 since its launch on April 20 after Bitcoin’s fourth halving.
According to a Dune Analytics dashboard prepared by CryptoKoryoOn May 30, transactions involving Runes made up 19% of all transactions completed that day on the Bitcoin network.
Source: Dune Analytics
When the Runes Protocol went live on April 20, it was responsible for 58% of all transactions completed on the Bitcoin network that day. Increased interest in the protocol increased daily transactions.
According to the Dune Analytics dashboard, the share of total transactions on the Bitcoin network on that day on April 23 had risen to 78%. This was a 45% increase from the number of transactions completed towards selling BTC on the network at 45%.
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However, this has gradually diminished as the hype around this new standard for creating fungible tokens directly on the Bitcoin blockchain has subsided in recent weeks.
As of May 30, more than 75% of all transactions on the Bitcoin network involved the sale of BTC coins.