Runes, a new token standard on the Bitcoin blockchain, has seen a drastic decline in its daily transaction volume, dropping by more than 88% from its peak in June.
According to data from Dune Analytics analyzed by Crypto Koryo, the average daily transactions for Runes from June 22–28 fell sharply to 37,820.
This marks a significant decrease of nearly 90% compared to the 331,040 daily average recorded between June 9–15.
On June 24 alone, there were 23,238 transactions, the lowest since Runes launched during Bitcoin’s fourth halving event on April 20.
Runes transactions have consistently represented between 4.9% and 11.1% of all Bitcoin transactions over the past week.
The sharp decline in Runes transactions has had a notable impact on Bitcoin miner fees, particularly in the aftermath of the recent halving event.
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Over the last six days, Runes have contributed less than 2 Bitcoin in miner fees, a stark drop from its record high of 884 Bitcoin on April 24.
In comparison, fees from Ordinals inscriptions and BRC-20 tokens have also been minimal during this period.
Initially seen as a promising new revenue stream for miners who traditionally relied on peer-to-peer Bitcoin transfers for network fees, both Runes and Ordinals managed to offset the 50% reduction in block subsidy immediately after the April 20 halving event.
However, since then, trading volumes have shown significant unpredictability.
Runes, introduced by Ordinals inventor Casey Rodarmor on April 20, was touted as a more efficient alternative to creating new tokens on the Bitcoin network compared to the BRC-20 standard and other solutions.
Yet, the decline in network fees coupled with Bitcoin’s price fluctuations has led to a decrease in Bitcoin’s hash price, a critical metric for measuring miner revenue, approaching its lowest level in history.
Meanwhile, Bitcoin miner reserves dropped to 1.90 million Bitcoin on June 19, the lowest in over 14 years when measured in Bitcoin terms.
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