A new protocol called Runes, developed by Casey Rodarmor, is set to launch after Bitcoin's (CRYPTO:BTC) halving, allowing for the creation of altcoins directly on the Bitcoin blockchain.
Anticipation for Runes has caused a surge in Bitcoin transaction fees, with fees increasing by over 45% in one day and nearly 900% compared to last year.
Runes expands Bitcoin's capabilities by utilizing UTXOs to support a broad token system, potentially enhancing the cryptocurrency's functionality.
While Runes represents a significant cultural shift within Bitcoin, enabling the proliferation of speculative altcoins, concerns linger about sustained interest and value of these tokens beyond the initial hype.
Despite the short-term excitement surrounding Runes, analysts caution that real investment opportunities may only emerge once the initial enthusiasm subsides, highlighting the potential for a rapid decline in the novelty and value of Rune tokens.