Bitcoin’s decline in activity contrasts with the launch of Runes, a token protocol introduced in April that is expected to provide an alternative revenue channel for miners. Although miners initially earned high transaction fees, fees later returned to pre-halving levels.
Miner Bitcoin reserves are now at their lowest level in 14 years. Perhaps the activity on Runes has cooled down, but this is only temporary. Meanwhile, attention turned to memecoins and celebrity tokens, attracting speculators. Compared to low-cap memecoins, Bitcoin is currently more stable.
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