Bitcoin-based Memecoin PUPS Set New ATH Days To Runes Launch
PUPS memecoin on Bitcoin network has seen massive gains today despite other tokens struggling. The hype is in anticipation of Runes protocol launch on the Bitcoin network.
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Pups token, a memecoin based on the Bitcoin network, has jumped in value as the launch of Bitcoin Runes gets nearer.
According to data from CoinGecko, the memecoin rose more than 1500% in the past seven days and reached a new peak today despite the general market decline.
At the start of this week, PUPS was worth around $24. However, it reached a new all-time high of $86.96 on Friday. With that gain, it is now up more than 196,000% from its lowest price of $0.0351 in January 2024.
However, negative market performance has also affected its price. It is now down to $61.27. Despite the decline, PUPS's market cap is still around $450 million.
Why is PUPS Pumping
PUPS performance results from several factors, particularly the upcoming launch of Runes on Bitcoin.
Runes protocol is a new token standard created by Ordinals founder Casey Rodamour, and it is expected to launch concurrently with the Bitcoin halving event.
Runes will finally bring efficiency to Bitcoin-based tokens, and its launch has been hyped as the start of the memecoin season on Bitcoin.
Several projects, including PUPS, which was originally built on Ordinals, have announced plans to migrate to Runes.
With the halving set to happen by April 20, the hype around the launch of the Runes protocol has positively impacted the price of tokens planning the migration.
For PUPS, which originally launched as an Ordinals project about a year ago, the migration to Runes will complete phase 3 of its roadmap.
Another factor responsible for Pups' gains is the post by popular crypto trader Ansem that he has just bought the “WIF of Bitcoin.” The post, which refers to Solana-based Dogwifhat, is actually a sign that he has bought PUPS. He also made another post mentioning PUPS.
Ansem is currently one of the most influential voices in crypto. His post boosted PUPS performance as it influenced more people to take an interest in the token.
Following the post, popular digital artist Beeple also released a painting featuring Ansem with the Dogwifhat and Pups meme. The painting, which he captioned “It's Ansem's world, and we're all just living in it,” has generated one million impressions.
Memecoins Decline As Bitcoin Falls To $66k
While PUPS was having a good day, several memecoins struggled today, with double-digit declines. According to CoinMarketCap data, the market cap for the meme category fell 6.89% as the top memecoins struggled.
WIF dropped 21%, SHIB 14%, DOGE 10%, PEPE 20%, FLOKI 18%, BONK 22%, MEME 17%, and BRETT fell 11%. This means PUPS was the only major cap memecoin with gains today.
However, price struggles were not limited to memecoins. Bitcoin fell 5%, while SOL declined 12%. Other major cap tokens such as ETH, XRP, and BNB also lost value in the market-wide drop, which led to $855 million in liquidations.
