PUPS, which describes itself as a Bitcoin memecoin, has seen a significant increase in value, with a 50% jump in just 24 hours. This increase is largely due to anticipation surrounding the upcoming Runes protocol. Investors are increasingly taking risks on Bitcoin-related tokens and networks as the BTC halving event approaches.
At the time of writing this article, the PUPS altcoin is trading at $76.64 with a 58% rise in the last 24 hours and has a market value of $595 million. This makes it the third largest Bitcoin-based token after ORDI and SATS.
PUPS also leads in global sales and volumes among all NFT collectibles. According to data from Cryptoslam, PUPS saw volumes of over $11 million. Other Bitcoin Ordinals collections and NodeMonkes signaled a continuation of the trend of interest in Bitcoin NFTs that started earlier this week, with volumes of $7 million and $1 million respectively.
PUPS, currently offered as an Ordinals token, plans to switch to the upcoming Runes protocol after the halving.
The Runes protocol, which is expected to be implemented after Bitcoin's halving, promises to take the Ordinals protocol one step further by making transactions even cheaper and faster. Ordinals are known as a way to embed data into the Bitcoin blockchain by adding attachments such as digital video, images, text, etc. to small Bitcoin-based transactions.
However, it should be noted that these are essentially additions to satoshi in the BTC network and do not actually have a value of more than 1 satoshi.
*This is not investment advice.