Bitcoin meme coin Pups rose 1,056% during the week, days ahead of the Bitcoin halving and simultaneous launch of the Runes protocol. Cubs started the week at $22.50 and surged 44% on Tuesday. With a peak supply of 7.7 million units, Pups’ market capitalization exceeds $365 million.
According to CoinGecko, Pups (PUPS) is up more than 1,000% and is trading at $41.89, while the Ordinals inscription project, launched a year ago, is up 119,813.7% since the beginning of the year.
“I just bought my Bitcoin brother’s wife”, viral cryptocurrency trader Ansem said on Twitter, referring to the Dogwifehat meme coin.
According to the Pups team, tokens originating in BRC-20 will be converted to the Runes protocol later this month when the Bitcoin halving occurs.
“A migration to (Runes), which is much more decentralized than BRC-20, feels like the Bitcoin way,” a Pups spokesperson said. decryption. “The runes are built by the authors of the Ordinals and belong to the protocol itself, so anyone indexing them (Ordinals) essentially means they are indexing the rune tokens themselves.”
This puts decentralized states for ordinal numbers (NFTs) and tokens (runes) under one roof, they continued.
Ansem’s tweet about Pups even caught the attention of digital artist Beeple, who immortalized Ansem, Dogwifhat, and Pups in a digital painting.
“This is Ansem’s world and we all live in it.” Beeple wrote On Twitter.
Dogwifhat (WIF) rose 1.5% to $3.67 on Wednesday. However, the popular Solana meme coin fell 0.1% for the week, along with many Solana meme coin markets.
Other dog-themed cryptocurrencies are also struggling this week. Ethereum-based meme coin Floki is trading at $0.00019, down 1.2% for the week, while Solana meme coin Bonk is trading at $0.00002, down 0.4% for the week.
The lowest price for the Pups token inscription is currently $46 on UniSat. When asked about the sudden surge in interest in Pups tokens, a spokesperson said it’s all about having a good meme.
“There is nothing enforced about this as it is an unofficial community token linked to a meme, and there are no meme coins on Bitcoin that have gained attention as memes,” they said. “I think we are in a meme coin supercycle, which is the perfect time for innovation. And Bitcoin is the biggest chain.”
Pups is just one entry in a string of project ledgers surging in popularity ahead of Bitcoin and Runes’ joint milestone launch next week. Amid the hype, some in the community are calling for some rational perspective on all the rising numbers.
“Remember, none of this money is real until you sell it,” warned Deeze, an anonymous cryptocurrency enthusiast and podcaster.
Edited by Ryan Ozawa.
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