Bitcoin Meme Token PUPS Soars 50% Amid Runes Protocol Hype

Amidst anticipation for the Runes protocol, Bitcoin meme coin PUPS has surged by 50% within 24 hours. Traders are betting on Bitcoin-proximal assets in anticipation of the halving, resulting in PUPS becoming the third-largest Bitcoin-based token. Runes is garnering attention as a potential investment opportunity with its ability to facilitate cheaper and faster transactions. The protocol allows the creation, naming, and transfer of digital commodities solely on the Bitcoin network.

Bitcoin Meme Token PUPS Spikes 50% on Runes Protocol Hype

Singapore, April 11, 2024 – Amidst the anticipation surrounding the upcoming Runes protocol, Bitcoin meme coin PUPS has experienced a surge in value, climbing approximately 50% in the last 24 hours. Traders are actively investing in Bitcoin-related tokens and networks ahead of the anticipated halving event.

As of Asian afternoon hours, the PUPS token was trading at a price of over $66, boasting a market capitalization of $516 million. This surge in value has propelled PUPS into the position of the third-largest Bitcoin-based token, trailing only ORDI and SATS.

According to data from Cryptoslam, PUPS has emerged as the top seller and volume leader among all NFT collections, with over $11 million worth of trading activity. This dominance continues the upward trend in interest for Bitcoin NFTs, as evidenced by the significant sales volumes recorded for Uncategorized Bitcoin Ordinals collections and NodeMonkes this week.

Over the past week, PUPS has witnessed a meteoric rise of over 1,000%, solidifying its status as the "first" meme coin on the Bitcoin network. Initially, developers of PUPS claimed this distinction, but they later refuted it on Friday. The token is currently available as an Ordinals token but intends to transition to the Runes protocol following the halving event.

Enter Runes: The "Greatest Shitcoin Casino" on Bitcoin

Within the cryptocurrency community, particularly on social media platform X, there is a growing buzz surrounding the Runes protocol. Many traders are positioning Runes as a promising investment opportunity, owing to expectations of a frenzy similar to what was witnessed in the Solana and Base ecosystems.

One prominent figure in the crypto space, trevor.btc, enthusiastically proclaimed, "Runes will be the greatest shitcoin casino ever created on Bitcoin. It will put every other alt-chain casino out of business."

What is Bitcoin Runes?

The Runes protocol, slated to launch after the Bitcoin halving, is poised to revolutionize the Ordinals protocol by enabling transactions with even greater speed and reduced costs. Traders have identified this protocol as a potential game-changer in the coming weeks.

Ordinals are a novel way of embedding data into the Bitcoin blockchain by encoding digital art or other data into small transactions on the network.

Runes takes this concept to the next level by employing a UTXO (Unspent Transaction Output) protocol to generate transactions. This innovation allows tokens to create, name, and transfer digital commodities exclusively through the Bitcoin network.

Both Ordinals and Runes are the brainchildren of Casey Rodarmor, a longtime Bitcoin developer. His involvement has fostered trust and credibility among users.

In an earlier X post, Rodarmor stated that the Runes protocol is tailored toward "degens and meme coins," fueling excitement among traders in that segment.

"Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure. It is a legitimate competitor to Taproot Assets and RGB," Rodarmor asserted. "The ordinals library provides everything needed to encode and decode runestones, so integration should be straightforward."

Rodarmor went on to express skepticism toward "serious" tokens but acknowledged the potential of Runes as a "serious" token protocol, adding that it offers a "self-contained" system with "no dependencies on ordinals or inscriptions."