Bitcoin meme coin PUPS jumped by 55% in 24 hours amid the upcoming Runes protocol release.
According to CoinMarketCap, the PUPS meme coin has surged nearly 55% in the past 24 hours, peaking at over $174 and currently sitting at $72.
The market capitalization of PUPS stands at approximately $563.75 million, up 48.67% in 24 hours. Trading activity, with the volume over the past 24 hours increasing by 387.38% to reach $31.37 million.
“Study pups. Study the first meme coin on the world’s oldest blockchain.”
Ansem, crypto trader and advocate for Pups
The heightened interest in PUPS is driven by the upcoming launch of Runes. The protocol introduces a novel UTXO (Unspent Transaction Output)- based fungible token system to the Bitcoin blockchain, aiming to simplify the creation and management of tokens. The BRC-20 token is set to transition to Runes later this month as the protocol becomes available alongside the Bitcoin halving.
Runes focuses on a streamlined approach that minimizes blockchain bloat and simplifies user interaction, making it an attractive alternative to BRC-20 and potentially fostering broader adoption and innovation within the Bitcoin community. The transition and the general excitement surrounding the Runes protocol likely fueled last week’s 1,056% rise in the PUPS’s value.