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The fourth Bitcoin halving event, on Apr 19, 2024, was accompanied by another momentous occasion for the blockchain — the launch of Runes. Right at block number 840,000, the protocol's founder, Bitcoin developer Casey Rodarmor, etched the first Runes token, UNCOMMON•GOODS, officially kick-starting a new era for the Bitcoin blockchain. Following the launch of Rodarmor's own token, a flurry of activity on the chain led to the launch of thousands of Runes tokens, mostly meme coins, within the first day of Runes’ operations.
As of May 2, 2024, the number of Runes tokens on the network is already measured in tens of thousands, with dozens of new tokens being etched per hour. By some estimates, Bitcoin Runes transactions make up 68% of all the activity on its network, a feat not witnessed in a long time. What are Runes tokens, and which ones are worth paying attention to right now? We cover it all in this article.
Key Takeaways:
Runes, officially launched on Apr 19, 2024 to coincide with the recent Bitcoin halving, has led to the creation of thousands of meme coins on the world's largest blockchain.
Transactions involving Runes tokens now represent the majority of the network traffic on Bitcoin, with the leading Runes token, DOG•GO•TO•THE•MOON, amassing a spectacular market cap of $333 million within two weeks of its launch.