According to Cointelegraph, the Runes protocol’s transaction volume failed to reach its previous peak in December 2024, showing a significant decline.
Since Rune launched, the protocol has consistently seen the highest bandwidth on the Bitcoin network. On April 23, Rune transactions exceeded 753,000, accounting for more than 81% of transactions on the Bitcoin blockchain. Despite a surge in transactions in June, it fell by more than 88% by the end of the month. In July, Rune's transaction share fell to below 9% on average, showing a decline in investor interest in Bitcoin NFTs. Despite this, Rune recorded more than 15 million transactions in the first four months and generated more than $160 million in fees in August. In December, Rune's share of Bitcoin transactions continued to decline, with the exception of Christmas Day, when it reached 19.9%, and the rest of the time it was below 10%.
In addition, in 2024, the NFT market experienced a seven-month slump, with sales falling below $300 million for the first time in September.
