Runes Protocol Anticipated to Fuel Surge in Bitcoin-Related Tokens and Networks

In anticipation of the Bitcoin halving, traders have flocked to Bitcoin-adjacent tokens, propelling the Bitcoin meme coin PUPS by 50% in the last 24 hours. PUPS, the third-largest Bitcoin-based token, has surged over 1,000% in the past week, fueled by the hype surrounding the upcoming Runes protocol. Runes, which aims to enhance the Ordinals protocol, is expected to go live after the halving, offering cheaper and faster transactions for meme coins and digital commodities.

Runes Protocol Anticipated to Spur Surge in Bitcoin-Adjacent Tokens and Networks

Amidst the growing anticipation for the upcoming Runes protocol, the Bitcoin meme token PUPS has witnessed a remarkable surge in value, climbing approximately 50% over the past 24 hours. This rally is largely driven by traders speculating on the potential of Bitcoin-adjacent tokens and networks in the lead-up to the halving event.

As of Asian afternoon trading hours, PUPS was hovering above $66 with a market capitalization exceeding $516 million. This surge has propelled PUPS to the third-largest position among Bitcoin-based tokens, trailing behind ORDI and SATS.

Cryptoslam data reveals that PUPS has emerged as the dominant force in NFT trading, accounting for over $11 million in sales and volumes. This underscores the ongoing interest in Bitcoin NFTs, as evinced by the strong performance of Uncategorized Bitcoin Ordinals collections and NodeMonkes, which collectively generated $8 million in volumes.

The recent surge in PUPS' value is part of a wider upward trajectory, with the token exhibiting an impressive 1,000% growth over the past week. PUPS is widely regarded as the "first" meme coin on Bitcoin, a distinction that has contributed to its viral spread and heightened investor interest. However, it is crucial to note that developers have recently disputed this claim.

Currently, PUPS is offered as an Ordinals token, but it intends to transition to the Runes protocol following the Bitcoin halving. Traders on social media platforms have expressed considerable enthusiasm for the Runes protocol, viewing it as a promising sector in the wake of the frenzy surrounding the Solana and Base ecosystems.

Introducing the Runes Protocol

The highly anticipated Runes protocol is projected to become operational following Bitcoin's halving. It represents a significant advancement over the Ordinals protocol, offering even lower transaction costs and faster transaction times. Traders have identified the Runes protocol as a key area to monitor in the coming weeks.

Ordinals provide a mechanism for embedding data into the Bitcoin blockchain by encoding digital art references into modest Bitcoin-based transactions. Runes extends this concept by employing a UTXO (Unspent Transaction Output) protocol to generate transactions. This enables tokens to establish, designate, and transfer digital commodities exclusively via the Bitcoin network.

UTXO is a technical term that refers to the residual tokens that might remain after a cryptocurrency transaction.

Casey Rodarmor, a seasoned Bitcoin developer, is the driving force behind both Ordinals and Runes. His involvement has instilled confidence and authenticity among users.

In an X post earlier in April, Rodarmor clarified that the Runes protocol was specifically designed for "degens and meme coins," further fueling the hype among meme coin enthusiasts.

"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 stated.

"The protocol is self-contained and has no reliance on ordinals or inscriptions, making it exceptionally straightforward. Balances are ...," he elaborated.

Rodarmor concluded by expressing skepticism towards "serious" tokens, but acknowledged the potential of Runes as a "serious" token protocol. He emphasized the ease of integration and the comprehensive capabilities of the Runes library.