Key Points
- Bitcoin-native memecoin “PUPS” has grabbed considerable attention with a 234.3% price surge in 24 hours.
- Despite declining prices for mainstream memecoins like DOGE, PEPE, and WIF, niche memecoins like BODEN on Solana network appreciated by 85% in a week.
The memecoin industry has grown exponentially since the start of the year, with chains like Solana [SOL] reaping significant benefits from this increased interest in these types of cryptocurrencies.
Despite the majority of memecoins being traded on alt chains, there are indications that the Bitcoin [BTC] network may soon venture into the memecoin sector.
PUPS: A Bitcoin-native Memecoin
A memecoin native to Bitcoin, known as “PUPS”, has recently been the talk of the town on social media. The significant price surge of PUPS, which soared by 234.3% in the past 24 hours, has contributed to this increased attention. PUPS was trading at $19.97 at the time of writing.
PUPS, launched in March 2023, symbolizes the flourishing memecoin culture within the Bitcoin ecosystem. It predates the official Bitcoin Puppets collection, earning the title of the original memecoin. The free mint airdropped to the “OPIUM ordinal community” quickly gained popularity, becoming a massive in-joke within the community.
Runes: A New Protocol
Memecoins have traditionally thrived on alternative blockchains like Solana due to their faster transaction speeds and lower fees. Bitcoin, with its slower pace and higher transaction costs, hasn’t been the most welcoming environment for these fast-moving, often humor-driven tokens. However, PUPS, existing on Bitcoin through the BRC-20 standard, is somewhat of an exception.
This is where Runes comes into play. Developed by Casey Rodarmor, the mind behind Ordinals, Runes is a new protocol that enables fungible tokens like memecoins to operate natively on the Bitcoin network. Runes will be introduced to the Bitcoin network after the much-anticipated halving.
With the excitement surrounding PUPS and the Rune network, PUPS is being hailed as the “WIF” of Bitcoin. It remains to be seen whether PUPS can meet these high expectations.
While PUPS has been doing well, mainstream memecoins like DOGE, PEPE, and WIF haven’t had the same luck recently. The price of all these tokens has dropped over the past week. However, niche memecoins like BODEN on the Solana network have performed relatively well, appreciating by 85% over the last 7 days.
