The current surge of PUPS and Runes highlights the evolving landscape of Bitcoin and its potential for fostering innovation beyond just a store of value.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
The Bitcoin meme coin space has witnessed a surge, with PUPS leading the charge. According to CoinGecko, PUPS price has skyrocketed by over 60% in the last 24 hours, driven by anticipation for the upcoming launch of the Runes protocol. This surge follows a remarkable 1100% increase in the token’s price over the previous week.
Photo: CoinGecko
This frenzy isn’t limited to PUPS itself. The PUPS NFT collection dominated global sales this week, exceeding $11 million in volume on Cryptoslam. This trend aligns with the growing interest in Bitcoin-based non-fungible tokens (NFTs), evidenced by other Ordinals collections like NodeMonkes’ strong performance.
Currently, trading at the value of $78, PUPS market capitalization exceeding $600 million. This remarkable achievement positions it as the third-largest digital asset derived from Bitcoin, following closely behind well-established cryptocurrencies like ORDI and SATS.
While some have hailed PUPS as the “first” Bitcoin meme coin, its developers have recently refuted this claim. However, the association with meme culture has undoubtedly contributed to PUPS’ viral success. Currently, PUPS operates as an Ordinals token, but it plans to migrate to the Runes protocol after the next Bitcoin halving event next week.
The upcoming Runes protocol holds substantial promise, generating significant buzz within the cryptocurrency community. Many crypto enthusiasts consider it could potentially emerge as the next significant development, succeeding the recent surges witnessed by the Solana and Base ecosystems.
Expected to launch after the Bitcoin halving event, Runes aims to build upon the Ordinals protocol, enabling even swifter and more cost-effective transactions. This move has captivated traders, positioning Runes as a sector meriting close observation.
Ordinals present a mechanism to embed data directly onto the Bitcoin blockchain. This functionality allows users to “inscribe” references to digital artworks within modest Bitcoin transactions, effectively creating Bitcoin-based non-fungible tokens.
Runes propels the concept forward using the Unspent Transaction Output (UTXO) protocol to generate transactions. This capability allows tokens to craft, designate, and transmit digital assets exclusively via the Bitcoin network.
Remarkably, the innovative concepts of Ordinals and Runes share a common origin, having been conceived by the seasoned Bitcoin developer Casey Rodarmor. This remarkable association lends an air of credibility and trustworthiness to both endeavors, raising a sense of confidence among their respective user communities.
Rodarmor, in a recent X post, acknowledged that Runes are designed for “degens and memecoins”, further amplifying the hype among meme coin enthusiasts. He emphasized that despite its playful origins, Runes is a “serious” protocol, boasting efficiency, security, and posing a legitimate challenge to established solutions like Taproot Assets and RGB.
While the long-term success of PUPS and Runes remains yet to be witnessed, their current surge highlights the evolving landscape of Bitcoin and its potential for fostering innovation beyond just a store of value.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
