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Analysis of Bitcoin Rune Dominance in Blockchain Activity
The latest Dune report reveals a fascinating trend in Bitcoin blockchain activity, with Rune etchings dominating transactions. On Tuesday, over 81% of transactions were related to Runes, leaving regular Bitcoin transactions trailing at 19%. BRC-20 tokens and Ordinals made up a marginal 0.2% and 0.1%, respectively.
Transaction Breakdown and Fee Collection
According to the Dune dashboard, Tuesday saw a total of 750,428 Rune transactions, significantly overshadowing the 174,475 regular BTC transactions. Additionally, 1,392 BRC-20 transactions and 715 Ordinal transactions were recorded. Furthermore, Runes accounted for 64% of the fees collected on Tuesday, totaling 2,075 BTC, equivalent to around $133 million.
User Engagement and Market Capitalization
Since the integration of the Runes protocol during the Bitcoin halving event, a remarkable 692,480 users have participated in etching 7,995 unique Runes, resulting in a staggering 3.1 million transactions linked to Runes. Notably, on Wednesday, the Rune collection known as DOG•GO•TO•THE•MOON conducted a substantial airdrop of 100 billion Runes to eligible wallets. This initiative propelled the market capitalization of DOG to an impressive $336 million, as reported by the Bitcoin Runes marketplace, Magic Eden.
Market Dynamics and Pricing
The surge in Rune activity can be attributed to its novelty and the competitive race among users to etch the earliest batch of Runes. These initial Runes are perceived to hold a higher value due to their rarity and historical significance. Luxor mining pool CEO, Nick Hansen, emphasized the pricing dynamics within the Rune market. He highlighted that uncommon sats typically range from $200 to $500, with rare sats fetching up to three Bitcoin ($193,242). Hansen suggested that the epic sat could potentially reach a market value of $4 to $6 million, indicating a logarithmic increase in value based on rarity and demand.
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