The market for meme coins based on Bitcoin has seen a significant rise recently, with PUPS taking the front seat. Based on data from CoinGecko, the value of PUPS has soared by more than 60% in the last day due to excitement surrounding the upcoming launch of Runes protocol. This spike comes after an impressive 1,100% price jump over the past week.
Photo: CoinGecko
The craze for PUPS NFTs isn’t contained within their own community. This past week, the PUPS NFT collection led global sales with over $11 million in transactions on Cryptoslam. This phenomenon aligns with the increasing popularity of Bitcoin-based NFTs, as demonstrated by the successful performance of other Ordinals collections such as NodeMonkeys.
At present, PUPS is priced at $78 with a market capitalization over $600 million, making it the third-largest digital asset stemming from Bitcoin. It trails behind more established cryptocurrencies such as ORDI and SATS in this ranking.
Some people have labeled Pups as the initial Bitcoin meme token, but its creators have since disputed this statement. nevertheless, the connection to meme culture has significantly fueled Pups’ explosive popularity. At present, Pups functions as an Ordinals token, but it intends to shift to the Runes protocol following the upcoming Bitcoin halving event next week.
Runes Protocol Aims to Streamline Bitcoin NFTs
The upcoming Rune protocol is creating quite a stir in the cryptocurrency world, with many believing it could be the next major breakthrough following the recent successes of Solana and Cosmos. Enthusiasts are excitedly speculating that it may become the next significant development in this space.
After the Bitcoin halving, Runes is planned to be released, intending to enhance the Ordinals protocol for faster and more affordable transactions. This development has attracted traders’ attention, making Runes an intriguing sector worth monitoring closely.
Ordinals enable data to be embedded directly onto the Bitcoin blockchain as a mechanism. By doing so, users can attach references to digital artworks to regular Bitcoin transactions, resulting in the creation of non-fungible tokens based on Bitcoin.
PUPS Soar as Runes Unlocks Bitcoin Innovation
Using the UTXO protocol in Runes, assets can be created, designated, and transferred exclusively through the Bitcoin network for tokens. This function propels the idea forward by generating transactions.
It’s striking that the groundbreaking ideas behind Ordinals and Runes trace back to the same source: the experienced Bitcoin developer Casey Rodarmor. This connection adds credibility and trustworthiness to both projects, instilling confidence in their user bases.
In a recent post on X, Rodarmor acknowledged the label of “degens and memecoins” for Runes but stressed its serious side. He highlighted that although it began as a lighthearted project, Runes is a robust protocol with impressive features such as efficiency, security, and potential to rival more established solutions like Taproot Assets and RGB.
The ongoing growth of PUPS and Runes is an indication that Bitcoin’s future holds more than just being a valuable asset. Although it remains to be seen if they will achieve long-term success, their current development underscores the dynamic nature of Bitcoin and its capacity for sparking creativity in various applications beyond mere value storage.
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2024-04-15 10:38