Key Points
- The meme coin PUPS experienced a 55% increase in 24 hours, likely due to the upcoming Runes protocol release.
- Runes protocol introduces a UTXO-based fungible token system to the Bitcoin blockchain, simplifying token management.
The meme coin PUPS has seen a remarkable surge in the past 24 hours, with a 55% increase in its value.
Data from CoinMarketCap reveals that the coin peaked at over $174 and is currently valued at $72.
Market Capitalization and Trading Activity
The market capitalization of PUPS currently stands at an impressive $563.75 million, marking a 48.67% increase in just 24 hours.
The trading activity has also seen a significant increase, with the volume over the past 24 hours increasing by 387.38% to reach $31.37 million.
Ansem, a crypto trader and advocate for Pups, encourages people to study this first meme coin on the world’s oldest blockchain.
Runes Protocol and its Impact
The surge in interest in PUPS is largely attributed to the upcoming launch of Runes.
This protocol introduces a unique UTXO (Unspent Transaction Output)- based fungible token system to the Bitcoin blockchain, with the goal of simplifying the creation and management of tokens.
The BRC-20 token is set to transition to Runes later this month as the protocol becomes available, coinciding with the Bitcoin halving.
Runes aims to streamline blockchain interaction, making it a potentially more appealing alternative to BRC-20 and possibly encouraging wider adoption and innovation within the Bitcoin community.
The anticipation surrounding the Runes protocol and its transition likely fueled the recent 1,056% increase in the value of PUPS.
