Transactions based on the Runes protocol in the Bitcoin network have significantly decreased, indicating a substantial shift in network usage.
Reduction in Runes Transaction Volumes
During the months from April to November, Runes transactions represented more than half of the daily transaction volumes on the Bitcoin network. However, their share has recently dropped to 1.67%, and daily transaction fees remain below $250,000. Analysts attribute this to market dynamics and shifting investment priorities.
Change in Investor Interests
Investor focus has shifted to areas such as Ethereum, NFTs, meme coins, and AI-related projects, leaving Bitcoin-based protocols like Runes and Ordinals with less attention. Investors are now avoiding higher-risk investments like Runes due to unstable prices.
Potential for Runes Recovery
Despite the current slowdown, there is potential for renewed activity. Historically, when Bitcoin prices stabilize, projects like Runes and Ordinals tend to gain traction and increase network activity.
The decline in Runes transaction volumes on the Bitcoin network may be temporary. Future price stabilization could renew interest in these protocols, offering a chance for activity recovery.