Bitcoin meme coin PUPS saw a remarkable 55% surge in just one day, in anticipation of the upcoming release of the Runes protocol. According to CoinMarketCap, the PUPS meme coin’s value skyrocketed to over $174 before settling at $72.
The market capitalization of PUPS now stands at around $563.75 million, marking a significant 48.67% increase within 24 hours. Trading activity has also seen a major boost, with the volume soaring by 387.38% to reach $31.37 million.
The growing interest in PUPS can be attributed to the impending launch of the Runes protocol. This revolutionary protocol introduces a new UTXO (Unspent Transaction Output)-based fungible token system to the Bitcoin blockchain, with the goal of simplifying token creation and management. The transition to Runes is set to take place later this month, coinciding with the Bitcoin halving event.
Runes is designed to offer a more streamlined approach that reduces blockchain bloat and enhances user experience, making it a compelling alternative to BRC-20. This could potentially lead to wider adoption and innovation within the Bitcoin community. The excitement surrounding the Runes protocol likely contributed to the significant 1,056% increase in PUPS value last week.
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