PUPS the word! Is this memecoin the new WIF in the Bitcoin world?

• PUPS, a memecoin on the Bitcoin community, garnered huge consideration
• Blue chip memecoins didn’t see inexperienced as WIF, DOGE, and PEPE confronted corrections

The memecoin sector has seen vital development for the reason that starting of the 12 months. In reality, chains reminiscent of Solana [SOL] have gained immensely from this rising curiosity on this subset of cryptocurrencies.

Memes coming to Bitcoin?

Despite the fact that memecoins are primarily being traded on alt chains, new developments recommend that the Bitcoin [BTC] community might quickly enter the memecoin sector sooner or later.

Not too long ago, a Bitcoin native memecoin referred to as “PUPS” has been making waves on social media, attracting vital consideration. One issue contributing to this buzz is the numerous surge within the worth of PUPS.

During the last 24 hours, as an example, the value 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 group” shortly gained traction, turning into a large in-joke inside the group. This airdrop was the first-ever BRC-20 airdrop on Bitcoin, a singular technical feat that additional cemented PUPS’s place within the Bitcoin Ordinal meme panorama.

Supply: X

The function of Runes

Historically, memecoins have thrived on different blockchains like Solana attributable to their sooner transaction speeds and decrease charges. Bitcoin, with its slower tempo and better transaction prices, wasn’t precisely a hospitable setting for these fast-moving, usually humor-driven tokens. PUPS, current on Bitcoin via 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 enables 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 reminiscent of DOGE, PEPE, and WIF didn’t have the identical luck as PUPS in current days. In reality, the value for all of those tokens declined over the previous week.

Supply: CoinMarketCap

Area of interest memecoins reminiscent of BODEN on the Solana community did comparatively properly although, appreciating by 85% over the past 7 days.

Supply: DEXscreener