The hype surrounding the upcoming Runes protocol caused Bitcoin meme coin PUPS to surge by around 50% in the last 24 hours as traders look to bet on Bitcoin-adjacent tokens and networks ahead of the halving.
The meme coin was trading at over $66 in the Asian afternoon hours and had a market cap of $516 million. This makes it the third largest Bitcoin-based token behind ordi (ORDI) and sats (SATS).
Data from Cryptoslam shows that PUPS leads the global sales and volume of all NFT collections with over $11 million in volume. Next up were Uncategorized Bitcoin Ordinals Collections and NodeMonkes with volumes of $7 million and $1 million – continuing the trend of interest in Bitcoin NFTs from earlier this week.
Data shows that PUPS has risen over 1,000% in the past week and has been widely viewed as the “first” meme coin on Bitcoin – helping to drive virality and interest. The developers denied the claim on Friday.
PUPS is currently offered as an Ordinals token but plans to move to the upcoming Runes protocol after the halving. Merchants on the social media platform
The upcoming Runes protocol is expected to go live after the Bitcoin halving. It will take the Ordinals protocol a step further by making transactions even cheaper and faster – and traders say this is a sector to watch in the coming weeks.
Ordinal numbers are a way to embed data into the Bitcoin blockchain by inscribing references to digital art into small Bitcoin-based transactions.
Runes takes this concept further by using an Unspent Transaction Output (UTXO) protocol to generate transactions. This allows tokens to be created, named, and transferred digital goods exclusively over the Bitcoin network.
UTXO is a technical term for the small amount of tokens that may remain after a cryptocurrency transaction.
Ordinals and Runes are both projects by long-time Bitcoin developer Casey Rodarmor that have instilled trust among users and provided a sense of authenticity.
Rodarmor said in an X post in early April that the protocol was designed for “degen and meme coins,” which fueled the hype among meme coin traders.
“Runes were designed for Degens and Memecoins, but the protocol is simple, efficient and secure. It is a legitimate competitor to Taproot Assets and RGB,” he said. The Ordinal Library provides everything needed to encode and decode runestones, so integration should be straightforward.”
“I am very skeptical of “reputable” tokens, but Runes is without a doubt a “reputable” token protocol,” Rodarmor added at the time.
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