On February 15, according to data from The Block, the 7-day moving average of Bitcoin network transaction volume has dropped to 330,000, hovering near a 12-month low, a sharp drop of 55% from the peak of 730,000 transactions in the network’s history.

The fees generated by Runes in the past 30 days have dropped to less than $20,000, while Runes generated $60 million in fees on the day of its release. This shows that the market has shifted speculative trading activities to other blockchain ecosystems.

According to Memepool data, as of press time, the Bitcoin network transaction fee is temporarily reported at 3 Sats/s.

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