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Bitcoin Memecoin Pups Soars Over 70% Ahead of Runes Launch

PUPS memecoin now trails ORDI and SATS, becoming the third-largest Bitcoin-based token, thanks to its upcoming migration to the Bitcoin Runes protocol.

Bitcoin-based memecoin Pups has benefitted from hypes around the upcoming Runes launch. With trading volume and market price soaring significantly, the token ranks as the third-largest Bitcoin-based token. Several crypto exchanges have also listed the memecoin.

Pups to Explore Runes Protocol

Pups describe itself as the first memecoin on the Bitcoin network. It adds that it has no utility or roadmap, and is community-driven. The memecoin project prides itself as “the first successful BRC-20 token airdrop on Bitcoin.” The airdrop was done in April 2023. Explaining the essence of the project, Pups wrote on its website:

“It represents the future of meme culture and digital assets on Bitcoin, proving that with unity and a shared autistic vision, world peace is possible.”

The Bitcoin network is not natively designed to house memecoins and NFTs. However, Bitcoin developer Casey Rodarmor rolled out the Ordinal protocol on the Bitcoin blockchain in January 2023. This protocol, adopted by Pups and several other Bitcoin-based projects, enables anyone to inscribe arbitrary data such as images, videos, or texts, on satoshis (the smallest unit of BTC).

News has flown through the crypto industry that Rodarmor will launch the Runes protocol after the upcoming Bitcoin halving event. Proposed in September 2023, the Runes protocol will become an improved alternative to the Ordinal protocol. Bitcoin Runes capitalizes on unspent transaction outputs (UTXOs). Its goal is to convert junk UTXOs, which cause lags and higher transaction fees on the Bitcoin network, into meaningful transactions.

Being compatible with the Lightning Network, transactions on Runes will be faster and cheaper than those utilizing the Ordinal protocol.

Earlier this week, Pups declared its plans to migrate to the Runes protocol upon its launch later this month. The announcement has fueled the memecoin’s recent explosive growth.

PUPS Up Over 70%

Current data from the price tracking website CoinStats reveals that the PUPS token has skyrocketed by over 1220% over the past week. Its daily trading volume has soared over 300%. The token has also been listed on crypto exchanges, such as CoinEx and BingX.

At press time, PUPS traded at $84, representing over 70% surge in the past 24 hours.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.