Runes explodes, PUPS daily trading volume reaches millions of dollars! Bitcoin handling fees recently surpassed Ethereum

Less than 2 days before the Bitcoin halving, another focus of the market’s attention is the Bitcoin Runes protocol (Runes) that will be launched at the same time. This protocol was proposed by Ordinals founder Casey Rodarmor in September last year. It aims to solve the problem of congestion and anomalies in the Bitcoin network caused by BRC20, which affects normal transactions. It is a lighter and more concise asset issuance protocol based on UTXO.

$PUPS daily trading volume reaches millions of dollars

Given the success of BRC-20, many are betting that Runes have the potential to be the next hundred-fold opportunity, with multiple Runes already appearing on the market The pre-Runes project claims that investors will first hold the inscription (possibly Ordinals NFT or BRC20), and after Runes is launched in the future, the project will airdrop rune tokens to holders.

For example, in addition to Runestone, which has the largest market value, $PUPS (BRC20) and Rune Pups (Ordinals NFT), which have been mentioned many times by the order king Ansem and promoted by overseas communities, have also gained market share. enthusiastically followed.

CryptoSlam data shows that since April, the daily trading volume of $PUPS has reached millions of dollars. It is the second largest NFT/BRC20 project in the past 7 days. The current total market value has exceeded 400 million US dollars. In the past Prices soared 13 times in two weeks.

The Pre-Runes market is also booming. According to Runesmarketcap data, the total market value has exceeded US$1.2 billion.

Note: The project plans to allocate 77% of the rune tokens to $PUPS holders, while the remaining 23% will be allocated to Rune Pups holders.

Bitcoin network handling fees soared nearly three times

But at the same time, the hype around these runes also pushed up Bitcoin transaction fees. TheBlock data shows that the seven-day moving average of average transaction fees on the Bitcoin network has climbed from $4.11 at the beginning of this month to currently $12.17.

While this is still low compared to the highs we saw during last year’s Ordinals hype, when average fees were over $30, the increase was enough to push Bitcoin (blue line) The handling fees have recently been higher than those of Ethereum (red line).

Bitcoin network average transaction fees have recently surpassed Ethereum

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