Markets
Market blues? Not for Bitcoin runes! DOG and CAT reach new heights
- Bitcoin runes have seen increased activity over the past 24 hours.
- This pushed the prices of some of them to new all-time highs.
The last 24 hours have been marked by an increase in values of several Bitcoin [BTC] Rune tokens. This comes amid the general decline seen in the memecoin market.
According to CoinMarketCapthe market capitalization of followed memecoins fell by 2% in the last 24 hours.
However, during the same period, the prices of Bitcoin Runes tokens such as DOG•GO•TO•THE•MOON [DOG]MAGA•THE•DONALD•TRUMP and CATS•IN•THE•SATS [CATS] jumped 22%, 161% and 127% respectively, according to data from Alpha Runes.
At press time, DOG was trading at $0.0078, recording a 15% price increase in the last 24 hours. In the early trading hours of May 31, memecoin traded hands at an all-time high of $0.0084, according to data from CoinMarketCap.
It now has a market capitalization of $787 million and ranks 105th among cryptocurrencies.
As for CAT, its price has increased by 50% in the last 24 hours. At the time of writing, the token was selling for $1.20. By CoinGeckoCATS had also hit an all-time high of $1.23 during the May 30 trading session.
How has the protocol performed since its launch?
As of May 30, daily transactions involving Runes on the Bitcoin network totaled 534,471. This is an increase of 38% compared to the 386,327 transactions recorded the previous day.
As of May 31, 238,050 Runes transactions have been executed. This brings the total number of transactions to 14,936,003 since its launch on April 20 following Bitcoin’s fourth halving event.
According to a Dune Analytics dashboard prepared by CryptoKoryoon May 30, transactions involving Runes accounted for 19% of all transactions on the Bitcoin network that day.
Source: Dune analysis
When the Runes protocol went live on April 20, it accounted for 58% of all transactions on the Bitcoin network that day. Due to the increased interest in the protocol, daily transactions have increased.
According to the Dune Analytics dashboard, by April 23, its share of total transactions on the Bitcoin network that day had increased to 78%. This is an increase of 45% compared to transactions made for selling BTC on the network of 45%.
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However, this has gradually diminished as the hype around this new standard for creating fungible tokens directly on the Bitcoin blockchain has faded over the past few weeks.
As of May 30, more than 75% of all transactions on the Bitcoin network involved the sale of BTC coins.