This Bitcoin Ordinal’s Meme Project Gains Amidst Halving Hype

PUPS, a meme coin project on the Bitcoin blockchain, has skyrocketed in value. Its price has been increasing by 1,075% for the past seven days.

CoinGecko data indicates PUPS is currently trading at $45.40. This level is just below its new all-time high of $47.44, reached during the early Asian market session.

PUPS NFT Sales Explode with 6,948% Increase

The surge in PUPS activity extends to its BRC-20 NFT collection. Sales have skyrocketed by 6,948% over the past seven days.

Furthermore, data places PUPS BRC-20 NFTs in second place in sales volume over the last week, reaching $18.4 million from 3,232 transactions with 1,161 buyers. This surpasses the figures for NodeMonkes, which recorded $11.72 million in sales with only a 108.61% increase.

Read more: Top 5 BRC-20 Platforms To Trade Ordinals in 2024

UniSat reveals a staggering floor price of 61,799 sats for PUPS NFTs –  equivalent to around 0.46 BTC or $32,655 at the time of writing.

Interestingly, PUPS trails only the “Uncategorized Ordinals” group, which achieved a remarkable $48.15 million in sales during the same period. The term “Uncategorized Ordinals” encompasses miscellaneous digital assets on the Bitcoin blockchain that aren’t part of recognized collections.

PUPS’s success reflects a wider trend. NFT sales volume on the Bitcoin blockchain has outpaced Ethereum and Solana over the past seven days. This is notable since Ethereum and Solana are traditionally associated with NFTs.

Data from CryptoSlam shows Ethereum’s seven-day NFT sales volume at $9.38 million, while Solana’s stands at $3.94 million. Bitcoin, in contrast, amassed an impressive $20.97 million.

This remarkable performance in the PUPS ecosystem coincides with the highly anticipated launch of Runes. Casey Rodarmor, a Bitcoin developer and creator of Ordinals, has created Runes as a new fungible token standard on the Bitcoin blockchain. Runes are slated to debut on Bitcoin’s mainnet following the imminent Bitcoin halving.

Read more: Bitcoin Halving Countdown

The launch of the Runes protocol will potentially add another layer of interest. It introduces a new way to utilize the Bitcoin blockchain.

Previously, BeInCrypto reported that asset manager Franklin Templeton highlights a “renaissance” in Bitcoin development spurred by Ordinals, new token standards (BRC-20, Runes), Layer 2 solutions, and DeFi applications.

“Bitcoin Ordinals have seen a surge in trading volume over the past several months,” analysts at Franklin Templeton wrote.

The firm’s digital asset arm outlined their Bitcoin Ordinals insight in a report titled “The Rise of Bitcoin Ordinals,” which was published earlier this month.