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The Runes protocol, designed for creating meme coins on Bitcoin, has seen a rollercoaster ride of activity since its debut in April. While it initially failed to meet expectations, institutional excitement in East Asia has sparked a potential second act for the protocol. The protocol, which emphasizes scalability, efficiency, and security, has drawn the attention of Asian investment firms and major crypto companies. Despite a drop in transaction volume, recent activity has seen a resurgence, with the total market capitalization of assets on the protocol hitting $2 billion. While there is no guarantee that Runes will dominate the crypto industry, growing sentiment in East Asia suggests that it may be the key to mainstreaming fungible Bitcoin tokens.
