I admit I was wrong on Runes.

I thought they were one of the most fun crypto native innovations this cycle in a market dominated by tradfi and macro narratives.

Memecoins on Bitcoin? Fungible tokens were supposed to be impossible on BTC and yet they were.

Casey, the creator of Runes, said he wanted to bring speculation, gambling and fun to Bitcoin.

Not so fun losing money. Maybe the bounce is not coming.

But beyond speculation, Runes could have added more fees, more developers and more users to Bitcoin while keeping the chain secure.

Miner revenue issues would be solved.

But reality is different.

$DOG still holds a $237M market cap, yet once hot memes like $PUPS sit at $12M.

The total market cap of all Runes is just $315M. A failure.

Ordinal NFTs aren't doing much better.

Most are down 90%.

Maybe they recover if NFTs bounce back, but for now the hype is gone.

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