Summary
TLDR: Memecoin mania shifted to Bitcoin with the release of Runes protocol, causing transaction fees to hit a record high. Runes are fungible memecoins that can be traded on NFT marketplaces. IRS released draft form 1099-DA for reporting digital asset transactions. Binance’s compliance officer detained in Nigeria for tax evasion and money laundering charges. Bitcoin miners using geothermal power sources near a volcano in Kenya.
Key Points
1. The release of Runes, a new protocol for minting memecoins by Ordinals creator Casey Rodarmor, coincided with last Friday’s halving on Bitcoin.
2. Average transaction fees for Bitcoin hit an all-time high of nearly $130, more than double the previous record from the last bull market, due to the surge in Rune mints and transactions.
3. Runes, as fungible memecoins, exist entirely on-chain, with instructions attached to UTXOs rather than individual sats, allowing for potential porting to the Lightning Network in the future.