In the last 24 hours, the value of the BRC-20 token PUPS decreased by approximately 40%, leaving it with a market capitalization of $348 million.
Although there’s been a significant drop in prices recently, trading volume stays robust at $42.2 million daily, representing a 6.10% decline compared to the previous day based on CoinGecko’s statistics.
On April 13, PUPS hit its highest point at $95.02, representing a 53.5% increase from its present-day cost. The token’s all-time low was recorded on Jan. 26, at just $0.03513. Since then, the value of PUPS has skyrocketed, with an over 125,000% price increase.
In the last seven days, PUPS has experienced a significant gain of 18.4%, exceeding the overall crypto market’s decline of 12.3%. Furthermore, it managed to outshine other meme coins that suffered a loss of 27.1% during this period.
Based on Magic Eden’s report, the Bitcoin Puppets collection in Ordinals now has a minimum price tag of 0.37 Bitcoins, which is equivalent to around $23,000.
A representative from Pups commented, “Switching to Runes, which is more decentralized than BRC-20, seems similar to using Bitcoin.”
Later this month, we’ll make the switch to using Runes. This change aligns with the Bitcoin halving and the debut of the latest Runes protocol.
Last week, the price of the PUPS token plummeted in contrast to its previous surge of 1,056%, which was fueled by excitement surrounding upcoming events. However, despite the token’s label as the first meme coin on Bitcoin (BTC) by its backers and the official Pups website, there has been debate over this claim, with some arguing that earlier projects like MEME took the lead in this space.
According to Xverse Wallet’s latest guide, Runes function as a more enjoyable option than fungible tokens following the BRC-20 standard. The goal of Runes is to reduce network overload by preventing the creation of excessive unspent transaction outputs (UTXOs). This initiative is picking up steam, with marketplaces such as Magic Eden and BitX supporting the exchange and debut of Rune-linked tokens.
The Runes protocol, known for its small on-chain impact, aims to improve Bitcoin’s capabilities by merging its UTXO system into Bitcoin’s main layer. In contrast, BRC-20 tokens developed from Ordinal Theory have a more crowded network.
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2024-04-16 19:47