- PUPS, a memecoin on the Bitcoin community, garnered large consideration
- Blue chip memecoins did not see inexperienced as WIF, DOGE, and PEPE confronted corrections
The memecoin sector has seen important progress because the starting of the 12 months. In reality, chains reminiscent of Solana [SOL] have gained immensely from this rising curiosity on this subset of cryptocurrencies.
Memes coming to Bitcoin?
Regardless that memecoins are primarily being traded on alt chains, new developments recommend that the Bitcoin [BTC] community might quickly enter the memecoin sector sooner or later.
Just lately, a Bitcoin native memecoin known as “PUPS” has been making waves on social media, attracting important consideration. One issue contributing to this buzz is the numerous surge within the value of PUPS.
Over the past 24 hours, for example, the worth of PUPS skyrocketed by 234.3%. On the time of writing, PUPS was buying and selling at $19.97.
Supply: Coingecko
What’s PUPS?
PUPS stands as a testomony to the burgeoning memecoin tradition throughout the Bitcoin ecosystem. Launched in March 2023, it predates the official Bitcoin Puppets assortment, establishing itself because the OG memecoin. The free mint airdropped to the “OPIUM ordinal neighborhood” shortly gained traction, turning into an enormous in-joke throughout the neighborhood. This airdrop was the first-ever BRC-20 airdrop on Bitcoin, a singular technical feat that additional cemented PUPS’s place within the Bitcoin Ordinal meme panorama.
Supply: X
The function of Runes
Historically, memecoins have thrived on various blockchains like Solana because of their sooner transaction speeds and decrease charges. Bitcoin, with its slower tempo and better transaction prices, wasn’t precisely a hospitable setting for these fast-moving, usually humor-driven tokens. PUPS, present on Bitcoin via the BRC-20 commonplace, is a little bit of an anomaly.
That is the place Runes enters the scene. Developed by Casey Rodarmor, the mind behind Ordinals, Runes is a model new protocol that permits fungible tokens like memecoins to perform natively on the Bitcoin community.
Runes will probably be arriving on the Bitcoin community after the much-anticipated halving.
New “WIF” on the town?
As a result of hype round PUPS and the Rune community, PUPS is being touted because the “WIF” of Bitcoin. Solely time will inform whether or not PUPS can dwell as much as the hype or whether or not it’s all bark and no chew for the memecoin.
Supply: X
Mainstream memecoins reminiscent of DOGE, PEPE, and WIF didn’t have the identical luck as PUPS in latest days. In reality, the worth for all of those tokens declined over the previous week.
Supply: CoinMarketCap
Area of interest memecoins reminiscent of BODEN on the Solana community did comparatively effectively although, appreciating by 85% over the past 7 days.
Supply: DEXscreener
