Why PUPS (Ordinals) Surged By 45% In 24 Hours

Key Points

• PUPS (Ordinals) surged by more than 45% in 24 hours on CoinMarketCap.
• PUPS is now trading at almost $25.

PUPS (Ordinals) saw a significant surge in price in the past 24 hours on CoinMarketCap, and the token is now up by over 45%.

PUPS is currently trading close to $25.

PUPS’s current market cap is over $191 million. The circulating token supply is 7,7 million PUPS.

The other day, the team behind the PUPS project announced in a post on X that they’ve teamed up with OKX crypto exchange.

The exchange addressed users who missed last month’s Runes airdrop and told them that they are bringing on “an excavation” to find more with various projects including PUPS.

https://twitter.com/PupsToken/status/1790756817401786438

PUPS claims to be the first memecoin on Bitcoin and last month, it had the first BRC-20 airdrop, according to the team’s announcement on X.

PUPS is using the Ordinals protocol on Bitcoin. Ordinals are a way in which users can embed data into the Bitcoin blockchain by inscribing references to digital art into small Bitcoin-based transactions.

What is PUPS (Ordinals)?

PUPS is a memecoin on the largest blockchain in the world, Bitcoin. It’s a collection of cute pixel pups that are permanently inscribed on the blockchain.

The digital art is inscribed onto the Bitcoin blockchain via Ordinals protocol.

Ordinals work by assigning a unique identifier to a piece of data and attaching it to a Bitcoin transaction. The data can be permanently stored on the Bitcoin blockchain. The Bitcoin transactions are public, and this means that anyone can see the inscribed data.

The hype around Ordinals and Runes intensified ahead of the Bitcoin halving event and peaked when Bitcoin celebrated its fourth halving on April 20. That was the way when the Runes protocol was launched as well.

Over the past week, the activity on the Bitcoin Runes protocol has seen a decrease and this signifies that it was not able to generate meaningful traction among users. On halving day, it sent fees soaring and users rushed to mint tokens.

Runes is similar to Ordinals, allowing people to etch and mint tokens on-chain and the most important difference between the two is that Ordinals are non-fungible, while Runes function more like memecoins.

Also, Runes takes the Ordinals protocol a step further via cheaper and faster transactions.