Runes Protocol, which once captured an impressive share of Bitcoin network transactions, is now witnessing a significant downturn in activity. Launched alongside the recent Bitcoin halving, the protocol initially generated substantial miner fees, peaking at over $135 million during its first week. However, data from Dune Analytics highlights a stark reduction, with the protocol failing to sustain its initial momentum. As of early May, the number of new mints and wallet interactions has drastically dropped, mirroring the challenges other platforms face in maintaining user interest post-launch. This decline raises questions about the long-term viability of such innovative projects within the volatile cryptocurrency market.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
