Bitcoin Rune transactions are taking over the network, accounting for over 81% of transactions on Tuesday, according to a report by Dune. In contrast, regular Bitcoin transactions represented only 19% of transactions, with BRC-20 tokens and Ordinals making up a small fraction. The dominance of Rune etchings is further supported by a recent tweet from Ord.io, stating that Runes accounted for 72.7% of all Bitcoin transactions in the past 24 hours.
The Dune dashboard reveals that 750,428 Rune transactions occurred on Tuesday, followed by 174,475 regular BTC transactions. BRC-20 token transactions totaled 1,392, while Ordinal transactions amounted to 715. Furthermore, Runes also accounted for the majority of fees collected on Tuesday, totaling 2,075 BTC or approximately $133 million.
Since its launch in conjunction with the Bitcoin halving, the Runes protocol has attracted 692,480 users who have etched a total of 7,995 Runes. This has resulted in a staggering 3.1 million transactions related to Runes.
In an exemplary case, the Rune collection DOG•GO•TO•THE•MOON (DOG) recently airdropped 100 billion Runes to eligible wallets on Wednesday, leading to a market capitalization of $336 million on Bitcoin Runes marketplace Magic Eden.
The surge in Rune activity can be attributed to its novelty as well as the race to etch the first batch of Runes. These early etchings are expected to command higher prices due to their rarity and age. It is estimated that an uncommon Rune could fetch between $200 to $500, while rare Runes have been known to sell for up to three Bitcoins ($193,242). Luxor mining pool CEO Nick Hansen speculates that the market value for an epic Rune could reach $4 to $6 million.
As the popularity and demand for Runes continue to rise, the Bitcoin network is experiencing a significant shift in transactional activity, further solidifying the dominance of Rune etchings.