This Bitcoin Ordinal Meme Project is about to halve the hype
PUPS, a meme coin project on the Bitcoin blockchain, has increased in value. The price has been increasing by 1,075 percent for the past seven days.
According to CoinGecko data, PUPS is currently trading at $45.40. This level is below the all-time high of $47.44 reached in the first Asian market session.
PUPS NFT sales exploded with a 6,948% increase
The increase in PUPS activity extends to the BRC-20 NFT collection. Sales are up 6,948 percent in the last seven days.
The data also showed that PUPS BRC-20 NFTs were the second-highest selling volume last week, reaching $18.4 million from 3,232 transactions with 1,161 buyers. This is only a 108.61% increase, surpassing the figures of NodeMonkes, which recorded sales of $11.72 million.
Read more: Top 5 BRC-20 systems to trade in 2024
UniSat shows an impressive floor price of 61,799 sats for PUPS NFTs – which is equivalent to about 0.46 BTC or $32,655 at the time of writing.
Interestingly, PUPS only tracks the “Unassigned Ordinals” group, which generated an impressive $48.15 million in sales during the same period. The term “unclassified standard” includes various digital assets that are not part of known collections on the Bitcoin blockchain.
The success of PUPS reflects a broader trend. The volume of NFT sales on the Bitcoin blockchain has surpassed Ethereum and Solana in the last seven days. This is interesting as Ethereum and Solana are traditionally associated with NFTs.
Data from CryptoSlam shows Ethereum's seven-day NFT trading volume at $9.38 million, while Solana's is at $3.94 million. Bitcoin, on the other hand, raised an impressive $20.97 million.
This impressive performance in the PUPS ecosystem coincides with the highly anticipated launch of Runes. Bitcoin developer and creator of Ordinals, Casey Rodermore, has created Runes as a new funnel token standard on the Bitcoin blockchain. Following the imminent Bitcoin halving, runs are held for the first time on Bitcoin's mainnet.
Read more: Bitcoin Half Countdown
The launch of the Runes Protocol adds another layer of interest. It introduces a new way to use the Bitcoin blockchain.
As previously reported by BeenCrypto, asset manager Franklin Templeton highlights the “renaissance” in Bitcoin development inspired by Ordinals, new token standards (BRC-20, Runes), Layer 2 solutions and DeFi applications.
“Bitcoin Ordinals has seen an increase in trading volume over the past several months,” Franklin Templeton analysts wrote.
The firm's digital asset arm outlined their understanding of Bitcoin Ordinals in a report titled “The Rise of Bitcoin Ordinals” published earlier this month.
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