Bitcoin (BTC) Fees Spike by 200% as Memecoin Runes Transactions Surge-web3.0-php.cn

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Bitcoin (BTC) Fees Spike by 200% as Memecoin Runes Transactions Surge

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Oct 20, 2024 pm 03:02 PM

Network ActivityBitcoin fees Runes transactions

Over the last 48 hours, Bitcoin climbed past the $68,000 price range. However, this was not the only notable development surrounding the cryptocurrency

Bitcoin (BTC) Fees Spike by 200% as Memecoin Runes Transactions Surge

Bitcoin fees witnessed a remarkable surge of 206% over the past week, reaching a total of $15.5 million, as highlighted by data from IntoTheBlock. This substantial fee hike coincided with Bitcoin’s price breaching the $68,000 level after remaining below it for over two months.

While a rise in BTC transactions contributed to the fee spike, the activity surrounding Bitcoin’s Runes played a pivotal role in driving the higher transaction fees.

An analysis of Runes transactions on Dune Analytics revealed a significant uptick in activity over the past few days. As of 18 October, Runes accounted for over 45,000 transactions on the network.

These transactions made Runes the second-most traded asset on the network, following Bitcoin itself. On some days over the past week, Runes transactions constituted more than 10% of all transactions, while BTC transactions continued dominating the network.

In the most recent trading session, Runes contributed to over 9% of all transactions on the network.

Source: DuneAnalytics

In addition to transaction volume, Runes notably impacted

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