After the Runestone snapshot is completed! The price dropped by 0.03 BTC and was directly cut in half. Can the DOG airdrop save it?

This site (120btC.coM): As the fourth halving of Bitcoin was officially completed on the morning of Saturday (April 20), Beijing time, the much-anticipated Bitcoin rune protocol Runes was also launched simultaneously. Users The rush to mint rune tokens triggered a market craze.

Runestone snapshot is completed and DOG will be airdropped soon

At 08:05 in the morning of today (22nd), Runestone founder Leonidas issued a document stating that the No. 3 rune DOG•GO•TO•THE• The snapshot of MOON (DOG) has been completed. Each Runestone holder can receive 889,806 DOG runes airdropped, which will be automatically airdropped to the user's wallet in the next few days. There is no need to apply for them.

Runestone’s floor price cut in half

However, just after the snapshot was announced and Runestone’s good news came to light, its floor price immediately faced a lot of selling pressure. The floor price plunged sharply from 0.73 BTC to 0.0305 BTC. The price fell by more than 50% in one hour, and the fluctuations were very violent.

Bitcoin transaction fees are slowing down

On the other hand, Bitcoin transaction fees increased significantly over the weekend as users rushed to mint rune tokens (high-priority fees once exceeded 2,000Sat , approaching $200), has also eased.

According to mempool data:

• The current non-priority fee is 14Sat ($1.29)/byte

• Low Priority costs 76 Sat ($6.98)/byte

• Medium priority costs 84 Sat ($7.71)/byte

• High Priority fee is 93Sat ($8.54)/byte

What is Runes Protocol?

Runes is a homogeneous token protocol issued on Bitcoin. It was launched by Ordinals founder Casey Rodarmor. The protocol aims to solve the inefficiency problems of homogeneous token protocols such as BRC-20. , BRC-20 emerged shortly after Ordinals was launched, but it has some shortcomings, including low scalability, slow transaction speed, and high transaction fees.

Runes introduces a UTXO-based homogeneous token protocol, which provides a simpler and more efficient system compared to standards such as BRC-20, simplifying the process and making Meme coins, badges, collectibles and Use cases such as other custom assets are possible without causing blockchain congestion.

In order to balance the issuance rhythm of Rune tokens and prevent the short name Rune from being occupied in the early stage, the Runes protocol required the token name to be at least 13 letters long in the first four months of its launch. After that, approximately every Every four months, the minimum name length will be reduced by one letter until the next halving event occurs, when single-character Rune tokens can be created.

With the launch of the Runes protocol, the craze for etched runes has risen. Runealpha data shows that there are currently countless Runes projects on the market, and many of them have been fully minted. Among them, Bitcoin creator Nakamoto The project named SATOSHI·NAKAMOTO named Satoshi is the most popular, with more than 20,000 wallets holding it, and a single-day increase of 600%.

However, it is worth noting that the currency community has two polar opinions on the Rune protocol. Some netizens praised that this protocol will bring a new asset class to Bitcoin and will be beneficial to miners. However, some netizens are dissatisfied and criticized it. Transaction fees are not fun and tarnish the image of Bitcoin.

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