Memecoins
What are Bitcoin (BTC) runes? Bitcoin Meme Coin PUPS Jumps 50% Before Being Halved
Hype surrounding the upcoming Runes protocol has seen Bitcoin coin PUPS jump around 50% in the past 24 hours, as traders look to bet on Bitcoin-adjacent tokens and networks ahead of the reduction. half.
The very room was negotiate over $66 as of Asian afternoon with a market capitalization of $516 million, making it the third largest Bitcoin-based token behind ordi (ORDI) and sats (SATS).
PUPS dominated global sales and volumes among all NFT collections, according to Cryptoslam data, with over $11 million in volumes. Ungraded Bitcoin Ordinals and NodeMonkes collections were next with volumes of $7 million and $1 million, continuing a trend of interest in Bitcoin NFTs from earlier in the week.
PUPS soared over 1,000% last week, the data shows, and was widely considered the “first” coin on Bitcoin – helping to fuel virality and interest. Developers Friday rejected the request.
PUPS is currently offered as the Ordinals token, but intends to move to the upcoming Runes protocol after the halving. Traders on social media platform promote runes as the sector to hope for, following a frenzy in the Solana and Base ecosystems.
The next Runes protocol is expected to go live after the Bitcoin halving. This will give the Ordinals protocol a head start by making transactions even cheaper and faster – and traders say it’s a sector to watch in the next weeks.
Ordinals are a way to integrate data into the Bitcoin blockchain by inscribing references to digital art in small Bitcoin-based transactions.
Runes takes this concept further by using an Unspent Transaction Output (UTXO) protocol to generate transactions. This allows tokens to create, name and transfer digital products solely using the Bitcoin network.
UTXO is a technical term for the small amount of tokens that may remain after a cryptocurrency transaction.
Both Ordinals and Runes are projects of a long-time Bitcoin developer Casey Rodarmorwhich created trust and gave a sense of authenticity to users.
Rodarmor said in an X article earlier in April that the protocol was designed for “gens and meme coins,” fueling hype among meme coin traders.
“Runes were created for degens and memecoins, but the protocol is simple, efficient and secure. It is a legitimate competitor to Taproot Assets and RGB,” he said. The Ordinal Library provides everything needed to encode and decode runestones, so integration should be straightforward.
“I’m very skeptical of ‘serious’ tokens, but runes are definitely a ‘serious’ token protocol,” Rodarmor added at the time.