Over the past 24 hours, the price of the PUPS meme token of the BRC-20 standard has jumped by 56%. IN CoinDesk connected this with the excitement around the upcoming launch of the Runes protocol.
At the time of writing, the coin is trading at $71. Within a week, quotes increased by more than 1000%. The asset rose to third place in the ranking by capitalization in the category of Bitcoin-based tokens with an indicator of $561 million.
According to CryptoSlamthe NFT collection PUPS became the leader in daily trading volume – $12.8 million. Uncategorized Ordinals dropped to second position with $7.9 million, and NodeMonkes came in third with $2.2 million.
After the Bitcoin halving, the team behind PUPS intends to move the tokens to Runes. Some traders believe that the launch of the protocol will cause a boom in altcoins, similar to the hype around meme coins in the Solana and Base ecosystems.
Runes will be the greatest shitcoin casino ever created
On Bitcoin.
It will put every other alt-chain casino out of business
— trevor.btc (@TO) April 11, 2024
The creator of Ordinals and BRC-20, Bitcoin developer Casey Rodarmore, introduced Runes in September 2023. It is assumed that the protocol will start working after the upcoming reduction in the block reward in the network of the first cryptocurrency.
In early April, the developer warmed up user expectations with a tweet.
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.
The protocol is self contained and has no dependencies on ordinals or descriptions, making it extremely simple.
Balances are…
— Casey (@rodarmor) April 1, 2024
He added that the solution is completely autonomous and allows you to “raise” assets into the L2 micropayment network Lightning Network.
Franklin Templeton analysts named Runes, along with Ordinals and BRC-20, as one of the main drivers of the revival of innovation in Bitcoin
Source: Cryptocurrency
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