Key Points
- PUPS (Ordinals) is up by over 51% in the past 24 hours and it’s trading at $51 on CoinMarketCap.
- PUPS claims to be the first memecoin on Bitcoin.
- Bitcoin Ordinals are getting more attention ahead of the Bitcoin halving scheduled for April 20.
PUPS (Ordinals) saw a significant price rise in the past 24 hours, of about 50% earlier today on CoinMarketCap. At the moment of writing this article, PUPS is priced at $48, up by about 42% in the past 24 hours.
PUPS’ current market cap is a little under $380 million, with a circulating supply of about 7,7 million PUPS.
PUPS saw its price surge amidst the huge excitement for the upcoming Bitcoin halving event which is scheduled for April 20. The date will also mark the start of Runes protocol as well.
Pups claims to be the first memecoin on Bitcoin and had the first BRC-20 airdrop on Bitcoin, as the team announced on X:
Pups is the first memecoin on Bitcoin.
Pups is the first BRC-20 airdrop on Bitcoin.
Pups is migrating to Runes with a BRC20 and Ordinal pre-rune as mint/burn:
BRC20 Pups – 77%
Rune Puppets – 23%Marketplace:https://t.co/vo2L6QRzcx
NFA, it’s just a json file on Bitcoin.
— Pups (@PupsToken) March 9, 2024
Pups is using the Ordinals protocol on Bitcoin and, as Bitcoin Ordinals are drawing increased attention these days, this is mirrored in its price as well.
Ordinals are a way to embed data into the Bitcoin blockchain by inscribing references to digital art into small Bitcoin-based transactions.
On its X account, the team noted that a month ago, they spelled out what they aimed to accomplish, and now, Phase 2 is almost complete.
A month ago we spelled out what we aim to accomplish.
Phase 2: nearly complete.
The endgame is near. https://t.co/47QSP71Wz1
— Pups (@PupsToken) April 10, 2024
On March 9, they shared the “roadmap to world peace”.
What is PUPS (Ordinals)?
PUPS is a memecoin on the largest blockchain in the world Bitcoin. This is a collection of cute pixel pups permanently inscribed on the blockchain.
The digital art is inscribed onto the Bitcoin blockchain using Ordinals, a protocol that allows data embedding within Bitcoin transactions.
Ordinals work by assigning a unique identifier to a piece of data and then attaching it to a Bitcoin transaction. This data can then be permanently stored on the Bitcoin blockchain. Since Bitcoin transactions are public, anyone can view the inscribed data.
The Pups team noted that the token that started on BRC-20 will convert to the Runes protocol later in April, when the Bitcoin halving will take place.
Recently, a Pups spokesperson told Decrypt that migrating to Runes, which is more decentralized than BRC-20, feels like the Bitcoin way for them.
The same member of the team said that as the creator of Ordinals builds Runes and is under the protocol itself, this means that everyone who is indexing Ordinals is, by default, indexing runes tokens themselves.
The hype around Ordinals and Runes is intensifying in the crypto industry ahead of the Bitcoin halving that is set to take place 8 days from now.
The event could trigger a rise in related networks and ecosystem tokens. Traders expect to see upside moves on technical and memecoin projects, according to the OTC desk of trading firm Wintermute.
