Every single week, and nearly every day at this point, a new meme coin explodes onto the scene to captivate the crypto market with face-melting gains. This time, the name of the digital asset is PUPS, a Bitcoin-based meme coin that has seen its value skyrocket by over 700% in less than one week.

This surge in price and popularity has coincided with growing excitement around the upcoming Bitcoin halving event and the launch of the highly anticipated Runes protocol.

PUPS, the pioneering meme coin on the Bitcoin network, has carved out a unique place for itself in the crypto ecosystem.

Its claim to fame is being the first-ever successful BRC-20 token airdrop on the Bitcoin blockchain, a technical feat that underscores the project’s innovative and community-driven approach.

 

Launched in March 2024, PUPS has positioned itself as the OG meme coin within the Bitcoin Ordinal meme landscape. Its free mint airdrop to the “OPIUM ordinal community” quickly gained traction, becoming a beloved in-joke among enthusiasts.

Aside from PUPS, there have been other BRC-20 meme coins listed.

However, none have gained the level of popularity of this latest offering. According to data from Coin Gecko, some of the other meme projects that have minted Ordinals as well include PEPE (PEPE), whose market cap on the Bitcoin network stands at $18.8 million, and PIZA (PIZA), whose market cap reached $9.6 million this week.

PUPS Meme Coin and Bitcoin’s Runes Protocol

  • Price Surge: PUPS, a meme coin on the Bitcoin BRC-20 standard, surged by over 700% within a week, driven by anticipation of the Bitcoin halving and its transition to the Runes protocol.
  • Runes Protocol Significance: Developed by Casey Rodarmor, the Runes protocol enhances Bitcoin’s capabilities for supporting tokens and NFTs, making it more competitive with other blockchains like Ethereum and Solana.
  • Ordinals’ Impact: Bitcoin Ordinals have enabled new types of token creation directly on the Bitcoin blockchain, allowing projects like PUPS to thrive.
  • Latest Update: PUPS’ upcoming migration to the Runes platform coincides with the Bitcoin halving, aiming to solidify its position as a key player in the evolving meme coin space on Bitcoin.

The Rise of PUPS

The past 7 days have seen PUPS’ value skyrocket, with the token’s price surging by an astonishing 770% from $5.86 to $51.01 as of today.

This remarkable growth has propelled PUPS’ market capitalization past the $370 million mark, making it a force to be reckoned with in the cryptocurrency world.

pups meme coin price and performance all-time

Driving this surge in interest is the upcoming Bitcoin halving event and the highly anticipated launch of the Runes protocol. PUPS, which initially launched on the BRC-20 standard, will be migrating to the Runes platform later this month, coinciding with the Bitcoin halving.

The Runes Advantage

The Runes protocol, developed by Casey Rodarmor, the mastermind behind Bitcoin Ordinals, presents a game-changing solution for meme coins like PUPS to thrive on the Bitcoin network.

Also read: Meme Coin Madness Heats Up: Why Jeo Boden and Doland Tremp Are Dominating the Crypto Craze

Traditionally, meme coins have found more success on alternative blockchains like Solana, which offer faster transaction speeds and lower fees. However, PUPS’ migration to Runes aims to overcome the limitations of the Bitcoin network, providing a more decentralized and versatile platform for the token.

Under the new Runes framework, PUPS will undergo a mint/burn process, transforming into BRC20 Pups and Rune Puppets at a 77% to 23% ratio, respectively. This integration will consolidate both tokens and NFTs (Ordinals) within a unified, decentralized ecosystem.

Ordinals: Revolutionizing Bitcoin’s Capabilities

At the heart of the PUPS phenomenon lies the groundbreaking development of Bitcoin Ordinals, a revolutionary innovation that drastically expanded the capabilities of the Bitcoin network.

Introduced in January 2023, Ordinals have opened up new possibilities for the integration of fungible and non-fungible tokens (NFTs) and other unique digital assets directly on the Bitcoin blockchain.

The Ordinals Breakthrough

Ordinals are a technical innovation that allows for the inscription of data, including images, text, and even entire programs, directly onto Bitcoin’s blockchain.

This made it so smart contracts, similar to those used on utility-focused networks like Ethereum and Solana, can be coded into the Bitcoin network. This breakthrough has enabled the creation of new classes of regular tokens, dubbed BRC-20 after ERC-20, as well as NFTs that are native to the Bitcoin network, rather than relying on separate blockchain protocols.

The significance of Ordinals cannot be overstated as they have paved the way for a new era of experimentation and creativity within the Bitcoin ecosystem.

By allowing the creation of one-of-a-kind digital assets on the world’s most secure and decentralized blockchain, Ordinals have captured the imagination of developers, artists, and crypto enthusiasts alike.

A New “WIF” in the Bitcoin World?

PUPS’ remarkable surge has drawn comparisons to other popular meme coins, with some in the community hailing it as the new “WIF” (Dog Wif Hat) of the Bitcoin world. The viral crypto trader Ansem’s enthusiastic tweets about purchasing the “wif of Bitcoin bros” have further fueled this narrative.

The attention garnered by PUPS has even caught the eye of digital artist Beeple, who immortalized Ansem, Dogwifhat, and PUPS in a digital painting, underscoring the cultural impact of these meme-inspired cryptocurrencies.

What Bitcoin Meme Coins Are Next After PUPS?

The meme coin market on Bitcoin is still relatively small, meaning that even some of the top contenders on the market could bring insane returns.

Remember that this also means that the risk is higher and some of these meme coins will likely go to $0 (or close to it) before too long. Here are a few of the community’s favorite BRC-20 meme coins outside of PUPS.

$MEME (Ordinals)

$MEME is a popular choice when it comes to meme coins on Bitcoin. It was the second BRC-20 token (and first meme coin) ever launched on Bitcoin. Its community members argue that this gives it historical value and is part of why the token has been so successful so far.

Despite $MEME’s success, it is still a relatively small meme coin compared to the giants on Ethereum, Solana, and even Base. At the time of writing it has a market capitalization of less than $6 million. This gives it more profit potential but also means that it is quite volatile and thus risky.

MEME ordinals chart

$MAXI (Ordinals)

Another popular contender for the most promising meme coin on Bitcoin is $MAXI. It is a simple token based entirely on memes, mostly related to the concept of the “Bitcoin maxi.”

$MAXI saw an incredible run up in the early days of Bitcoin, reaching $15 for about a second before crashing back down to earth. However, with the recent resurgence of BRC-2o meme coins, it surged 1,500% in just the last week.

$MAXI price chart

 

Risks and Rational Perspectives

While the PUPS hype is palpable, it’s crucial to maintain a rational perspective amidst the surging prices and excitement. As a crypto enthusiast named Deeze cautioned on the social media platform X: “Remember, none of this money is real until you sell.”

The project deems itself useless on its “About” page – a testament to the silliness of this meme coin frenzy. “PUPS is just a meme coin. There is zero utility ever. No roadmap. No promises. Only community run memes.”, the Pups website reads.

The volatile nature of the cryptocurrency market, particularly for speculative assets like meme coins, serves as a reminder to approach such investments with caution.

The remarkable rise of PUPS highlights the growing interest in meme-inspired cryptocurrencies and the potential for such projects to thrive on the Bitcoin network. As the first meme coin on Bitcoin, PUPS has set a precedent for playful and community-driven tokens within the Bitcoin ecosystem.

The upcoming migration to the Runes protocol promises to further solidify PUPS’ position, offering a more decentralized and versatile platform that could pave the way for other meme coins to flourish on the Bitcoin blockchain.

However, as the market continues to evolve, it will be crucial for investors and enthusiasts to maintain a balanced approach, recognizing both the potential and the risks associated with these highly speculative assets.

The PUPS phenomenon serves as a reminder that the cryptocurrency market remains dynamic and unpredictable. A measured perspective is essential.