- 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 development because the starting of the yr. In truth, chains resembling Solana [SOL] have gained immensely from this rising curiosity on this subset of cryptocurrencies.
Memes coming to Bitcoin?
Although 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.
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 worth of PUPS.
During the last 24 hours, as an illustration, 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 neighborhood” shortly gained traction, changing into a large in-joke inside the neighborhood. 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 position of Runes
Historically, memecoins have thrived on various blockchains like Solana as a consequence of their quicker transaction speeds and decrease charges. Bitcoin, with its slower tempo and better transaction prices, wasn’t precisely a hospitable atmosphere for these fast-moving, typically humor-driven tokens. PUPS, current on Bitcoin by way of the BRC-20 normal, 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 operate natively on the Bitcoin community.
Runes shall 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 resembling DOGE, PEPE, and WIF didn’t have the identical luck as PUPS in latest days. In truth, the worth for all of those tokens declined over the previous week.
Supply: CoinMarketCap
Area of interest memecoins resembling BODEN on the Solana community did comparatively effectively although, appreciating by 85% during the last 7 days.
Supply: DEXscreener