Bitcoin's fourth halving marked the launch of the Runes Protocol, the most popular platform for creating fungible tokens on Bitcoin. The Runes Protocol, launched in April 2024, has been met with skepticism, with some critics suggesting it has already peaked. However, the success of the DOG token, which represents around 40% of the entire market capitalization of Runes tokens, suggests potential for growth. Despite current market caution, the Runes ecosystem continues to evolve, with infrastructure development accelerating and centralized exchanges gradually embracing Runes standard assets.