The Reddit buzz ahead of the anticipated Runes protocol has led to the Bitcoin meme coin PUPS to surge by about 70% in the last 24 hours, bringing in uncelling throng of traders who are looking for an edge with Bitcoin-related tokens and networks before the much-awaited halving event.
PUPS Coin Surges Amid Runes Protocol Anticipation
During the afternoon hours the Asian time, PUPS traded at more than $66, with a market capitalization of $516 million, it holds third place in the ranking of Bitcoin-based tokens after its predecessors ordi (ORDI) and sats (SATS).
As Cryptoslam data shows, PUPS has attained a record-high trading volume exceeding $11 million.
The meta, moreover, is that NFT coins in the Bitcoin series continue being popular with some of them such as Uncategorized Bitcoin Ordinals and NodeMonkes showing volumes of $7 million and $1 million, respectively.
Data shows that PISO increased by over 1,000% in the past week, as it became the most popular meme coin in the Bitcoin space, despite anonymous developers denying such information.
Evolution from Ordinals to Runes: A Developer’s Perspective
On the one hand, ordinals act as a platform to digitally insert artwork references into Bitcoin blockchain by chaining them to small Bitcoin-related transactions.
Runes goes out even further, and with the help of the UTXO (Unspent Transaction Output) protocols featured, it is possible to carry on transactions and exchange tokens exclusively. This makes the assets digital only though the Bitcoin network.
Two pioneer projects – Casey Rodarmor, an experienced Bitcoin software developer leads the Ordinals and Runes teams. The participation of such a person gives credence and authenticity to these projects.
Rodarmor, in an earlier post on X, emphasized that the Runes protocol is for “degens and meme coins,” fueling excitement among meme coin traders.
He stated, “Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure.”
It is a legitimate competitor to Taproot Assets and RGB.” Furthermore, Rodarmor expressed skepticism towards “serious” tokens, affirming that Runes undeniably embodies a “serious” token protocol.
