Barely any demand for Runes

Less than a month on the market and already in retreat: there is hardly any demand for Bitcoin Runes. In the beginning, things looked different.

After the hype surrounding the Runes protocol has now reached high Bitcoin rates had led, demand seems to have bottomed out less than a month after launch.

The number of new Runes generated daily has plummeted 99 percent from its post-Halving peak, data from DuneAnalytics.

The Runes protocol, which enables various functions such as executing smart contracts, went live on April 20, the halving deadline.

Demand was initially high. The record day was April 26 with more than 23,000 new Runes, for which about $320,000 in fees were paid.

On May 14, only $2,900 in transaction fees were collected for 214 newly generated Runes.