Bitcoin Transaction Fees Surge Amid Runes Frenzy

The average transaction fee in the Bitcoin network (7DMA) has exceeded $16. Experts from The Block attributed this to user activity in anticipation of the Runes launch.

Bitcoin developer and Ordinals creator Casey Rodarmor introduced Runes in September 2023. The protocol will enable the issuance of fungible tokens on the blockchain of the first cryptocurrency, but unlike BRC-20, it will use the UTXO model, preventing network congestion.

“Runes is designed for degen coins and meme tokens, but the protocol is simple, efficient, and secure. It is a full-fledged competitor to Taproot Assets and RGB,” wrote Rodarmor in early April.

The protocol is expected to launch after the upcoming Bitcoin halving.

In April, experts noted a sharp increase in trading volumes of the BRC-20 standard meme token PUPS and NFTs from the project’s collection. The team plans to migrate assets to Runes after its launch.

“PUPS is just a meme coin. Utility is always zero. No roadmap and no promises,” states the project’s website.

Some traders believe the protocol’s launch will trigger an altcoin boom similar to the frenzy around meme coins in the Solana and Base ecosystems.

Runes will be the greatest shitcoin casino ever created

On Bitcoin.

It will put every other alt-chain casino out of business

— trevor.btc (@TO) April 11, 2024

Analysts at Franklin Templeton have identified Runes, alongside Ordinals and BRC-20, as one of the main drivers of innovation resurgence in Bitcoin.