- PUPS, a memecoin on the Bitcoin community, garnered huge consideration
- Blue chip memecoins did not see inexperienced as WIF, DOGE, and PEPE confronted corrections
The memecoin sector has seen vital progress because the starting of the yr. The truth is, chains akin to Solana [SOL] have gained immensely from this rising curiosity on this subset of cryptocurrencies.
Memes coming to Bitcoin?
Though memecoins are primarily being traded on alt chains, new developments counsel that the Bitcoin [BTC] community might quickly enter the memecoin sector sooner or later.
Lately, a Bitcoin native memecoin known as “PUPS” has been making waves on social media, attracting vital consideration. One issue contributing to this buzz is the numerous surge within the worth 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 inside 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 community” rapidly gained traction, turning into a large in-joke inside the group. This airdrop was the first-ever BRC-20 airdrop on Bitcoin, a novel 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 different blockchains like Solana attributable to their sooner transaction speeds and decrease charges. Bitcoin, with its slower tempo and better transaction prices, wasn’t precisely a hospitable surroundings for these fast-moving, usually humor-driven tokens. PUPS, current on Bitcoin by 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 likely 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 stay as much as the hype or whether or not it’s all bark and no chew for the memecoin.
Supply: X
Mainstream memecoins akin to DOGE, PEPE, and WIF didn’t have the identical luck as PUPS in latest days. The truth is, the worth for all of those tokens declined over the previous week.
Supply: CoinMarketCap
Area of interest memecoins akin to BODEN on the Solana community did comparatively properly although, appreciating by 85% during the last 7 days.
Supply: DEXscreener
