Runes Protocol’s Share of Bitcoin Transactions Hits Record Low

By the end of 2024, the Runes protocol experienced a decline in user activity amid high volatility in the crypto market and growing interest in other industry sectors.

In the initial months following its launch, the Runes protocol accounted for the majority of all transactions on the network. At its peak, its share exceeded 81%. Later, the frenzy subsided, although there were several smaller, relatively brief spikes in activity in June, September, and November.

As of December 26, the protocol’s share of all Bitcoin transactions fell to a record low of 2.4%. Throughout most of the month, this figure remained below 8%, except for a recorded 19.9% on December 25.

According to analysts at The Block, amid volatility, investor interest shifted from experimental protocols on top of Bitcoin to other niches in the crypto market, including meme coins, NFTs on Ethereum, and AI agents.

They believe that as prices stabilize, users will return to ecosystem projects.

According to a report by CoinGecko, meme coins emerged as the most popular topic among crypto investors in 2024.