Runes Dominates Bitcoin Network Transactions, Completely Outpaces BRC-20 and Ordinals
On April 23, 2024, Runes accounted for 81% of the total 926,642 transactions on the Bitcoin network, surpassing previous trends like Ordinals and BRC-20.
Runes Dominates Bitcoin Network Transactions, Completely Outpaces BRC-20 and Ordinals. Image: CCN
Runes transactions on April 23 constituted 81% of the total transactions on the Bitcoin network, primarily involving minting and etching activities of Runes tokens. In contrast, regular Bitcoin transfers accounted for 19%, while BRC-20 and Ordinals tokens held third and fourth positions with 0.2% and 0.1% respectively.
Statistics of transaction types on the Bitcoin network. Source: Dune - @cryptokoryo (April 25, 2024)
Bitcoin transactions reached a record high of 926,642 on April 23. Of these, 750,428 were Runes transactions, followed by 174,475 regular BTC transactions. Finally, there were 1,392 BRC-20 transactions and 715 Ordinals transactions.
Daily transaction statistics on Bitcoin. Source: bitinfocharts (April 25, 2024)
Due to its popularity, Runes accounted for 64% of the transaction fees, totaling 2,075 BTC, equivalent to $113 million, on the previous Tuesday.
The recent surge in Runes transaction volume is attributed to the launch of the DOG·GO·TO·THE·MOON (DOG) project under the Rune ecosystem. The project's founder, Leonidas, announced an airdrop of 100 billion DOG tokens to holders of qualifying NFT Runestones.
DOG tokens traded over $10 million within six hours of their launch. Currently, over 73,000 wallets hold DOG, with a trading volume of 71.25 BTC in 24 hours, the highest since Runes' inception.
Check your wallets!
— Leonidas (@LeonidasNFT) April 24, 2024
100,000,000,000 $DOG has been successfully airdropped to Runestone holders.
Shoutout to giga-chad volunteer community member @gm7t2 for flawlessly executing it.
The journey to $1 has begun 🐕🚀🌕 pic.twitter.com/XPL7q6m7VG
Statistics of prominent Runes tokens today. Source: OKX (April 25, 2024)
The largest wallet, with the address bc1qcm...rna6a, currently holds 6.7 billion tokens, approximately 6.65% of the total supply. DOG·GO·TO·THE·MOON is priced at 5.28 sats with a market capitalization of $316 million at the time of writing.
Runes is currently one of the most significant trends in the community. The community has shown immense FOMO into the Runes Protocol even before the halving event, which later pushed Bitcoin fees to a record $127.97 per transaction on April 20.
