Bitcoin

April

<ul>
 <li>The fee revenue for the protocol has been falling consistently, as per Dune analytics.</li>
 <li>In the last twelve days, the total fees have only crossed $1 million twice.</li>
</ul>
Since its first week of trading, the <a href="https://thenewscrypto.com/bitcoin-runes-dog-enters-top-10-memecoins-whats-ahead-in-phase-2/" target="_blank" rel="noopener noreferrer nofollow">Runes protocol’s</a> activity has reduced substantially. Fewer new mints and wallets interacted with the protocol on May 10th compared to earlier times, indicating a significant drop in activity.
Users can create fungible tokens on the blockchain using Runes, a new standard for Bitcoin (BTC) tokens. They were created by Casey Rodarmor, who also developed Ordinals, which allowed Bitcoin NFTs.
<h3 class="wp-block-heading" id="h-fading-interest">Fading Interest</h3>
The fee revenue for the protocol has been falling consistently, according to a <a href="https://dune.com/" target="_blank" rel="noopener noreferrer nofollow">Dune</a> analytics dashboard. While Runes continues to generate a substantial amount of money every day from Bitcoin blockchain fees, there has been a clear declining trend in the last twelve days, as the total fees have only crossed $1 million twice.
Three weeks have passed since the Runes protocol first appeared on April 19, coinciding with the most recent <a href="https://thenewscrypto.com/bitcoin-plummets-over-2000-will-btc-continue-to-decline/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> halving event. With the release of Runes came a stampede of investors, which in turn caused a spike in transaction costs and a bonanza for Bitcoin miners—more than $135 million in fees collected in the first week alone—setting a new record.
According to data compiled by Dune Analytics, the bulk of Bitcoin transactions up to April 24th were associated with Runes. With 81.3% of all transactions on April 23, Runes pushed Bitcoin’s share to 18.15%, while Ordinals and BRC-20 each accounted for 0.1%.&nbsp;
The next nine days, up to May 2, saw a steady decline in runes transactions. However, Runes’ transaction share surpassed 60% on May 4 and 5. The crypto market has been facing severe volatility lately. At the time of writing, Bitcoin is trading at $61,093, down 0.10% in the last 24 hours as per data from <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CMC</a>.
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Runes Protocol Sees Declining Activity and Fee Revenue Amidst Fading Interest

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