The cryptocurrency landscape is about to witness the emergence of a new Bitcoin-native digital commodity protocol that is expected to leave a lasting impact. Developed by Casey Rodamor, the Runes Protocol generates significant anticipation within the crypto community.
However, DeFi researcher and market expert DeFi Ignas cautions investors to consider several bearish factors before succumbing to the fear of missing out (FOMO) as the protocol prepares for its launch on Friday.
Rising BTC Transaction Fees And NFT-Like Trading Mechanisms
In a recent social media post on X (formerly Twitter), DeFi Ignas points out several reasons to be cautious for the time being.
The researcher highlights the current enthusiasm surrounding the pre-rune token market. Tokens like Runestone, RSIC, and PUPS are already experiencing price surges and promising airdrops of the new Rune token to their holders.
However, DeFi Ignas compares this market fervor to the non-fungible token (NFT) frenzy, cautioning that such excitement may cool off soon. Additionally, the researcher suggests that increasing Bitcoin transaction fees could pose challenges for small traders, potentially leading to disillusionment.
DeFi Ignas further notes that the Runes Protocol may not initially revolutionize the trading experience for BRC20 tokens, as the underlying trading…
