Runes protocol, a new Bitcoin token standard, has seen a significant decrease in activity since its launch three weeks ago. Despite initial investor frenzy leading to a record-breaking $135 million in transaction fees in the first week, Runes' fee revenue has been steadily declining. The protocol, which allows users to create fungible tokens on the blockchain, has only surpassed $1 million in fees twice in the past twelve days. However, Runes has already achieved significant success, with several collections boasting market capitalizations in the hundreds of millions. Creator Casey Rodarmor also recently hinted at an innovative art project, showcasing the platform's potential.