Bitcoin runes dominate activity on the Bitcoin blockchain, with more than 81% of transactions on Tuesday being Rune engravings, according to a Dune Report. Regular Bitcoin transactions, meanwhile, accounted for 19% of transactions, with BRC-20 tokens and ordinals coming in third and fourth, at 0.2% and 0.1%, respectively.
BREAKING: Runes accounted for 72.7% of all Bitcoin transactions in the last 24 hours.
According to the Dune dashboard, 750,428 Runes transactions were recorded on Tuesday, followed by 174,475 “Good old BTC” transactions. 1,392 BRC-20 transactions took place, followed by 715 ordinal transactions.
Runes also accounted for 64% of fees collected on Tuesday with 2,075 BTC, or approximately $133 million in total fees.
Since the launch of the Runes protocol alongside the Bitcoin halved692,480 users have carved 7,995 runes, the report notes, with a total of 3.1 million rune-related transactions.
Wednesday for example, the Rune DOG•GO•TO•THE•MOON collection (DOG) airdropped 100 billion runes to eligible wallets, amassing a $336 million market capitalization according to Bitcoin Runes Magic Eden market data.
If the novelty of the Runes plays a role in increasing activity, the fact that race being one of the first to carve the first batch of runes, believed to be able to fetch a higher price due to their rarity and age.
“For reference, a rare sat will cost between $200 and $500 depending on market variations; the rare sats we have seen are as high as three Bitcoins ($193,242),” said Nick Hansen, CEO of Luxor Mining Pool. Decrypt. “But it’s a logarithmic scale.
“We think the epic (sat) will most likely cost between $4 million and $6 million — (that's) probably the market value of that,” Hansen continued.