Over the past month, Runes have emerged as the dominant force in the Bitcoin token market, significantly outpacing BRC20 transactions and other inscription-based token standards. While notable, this shift in the market landscape is not without its challenges, as Runes’ momentum has recently shown signs of stalling – with ramifications for Bitcoin and its token market.

In addition to an overall stall, Rune tokens have broadly failed to create the same level of excitement as BRC20s, and many of the tokens have had lethargic price action and volume. Runes have won the Bitcoin token market, but it looks like excitement for Bitcoin tokens has dropped off a cliff.

The Transaction Landscape

In 40 days, we have seen around 15.27M Rune transactions on Bitcoin. Comparatively