The Bitcoin meme coin Pups has seen an incredible surge of 1,056% in value this week, coinciding with the upcoming Bitcoin halving and the launch of the Runes protocol. At the beginning of the week, Pups was priced at $22.50, and on Tuesday, it surged by 44%. With a total supply of 7.7 million tokens, Pups has now surpassed a market capitalization of over $365 million.
What is Pups?
$PUPS, the pioneering meme coin on the Bitcoin network, has made a lasting impact on the cryptocurrency scene by executing the first-ever successful BRC-20 token airdrop on Bitcoin. This achievement marks a significant milestone, showcasing $PUPS as a project with a completely free and fair launch.
$PUPS is a pure meme coin without any utility or long-term plans. It operates solely on community-driven memes, emphasizing its lighthearted and decentralized nature.
Why PUPS price is rising?
According to the Pups team, the token originally launched on BRC-20 will transition to the Runes protocol later this month, coinciding with the Bitcoin halving.
This integration brings together a decentralized approach for ordinals (NFTs) and tokens (Runes) within a unified ecosystem.
Pups stands out as the inaugural memecoin built on the Bitcoin network, setting a precedent for playful and community-driven tokens within the Bitcoin ecosystem. As a groundbreaking development, Pups also marked the first BRC-20 token airdrop on Bitcoin, showcasing innovation and experimentation in tokenomics on this blockchain.
Currently, Pups is in the process of migrating to the Runes protocol, introducing a transition that includes a BRC20 component along with Ordinal pre-runes for minting and burning. Under this new framework, BRC20 Pups will represent 77% of the structure, while Rune Puppets will make up the remaining 23%, reflecting a shift towards a more decentralized and versatile token ecosystem.
The Runes Protocol is a cutting-edge blockchain system designed with layers that handle and organize data effectively. This guide provides an in-depth look at how the Runes Protocol works, focusing on how it ensures data remains accurate and secure using features like updaters, inscriptions, and cenotaphs.
Source: https://cryptoticker.io/en/bitcoin-pups-meme-coin