BRC-20 and Runes Hype Causes PUPS Token to Plummet by 40%
The PUPS token, known as BRC-20, experienced a significant decline of approximately 40% within the past 24 hours, resulting in a market cap of $348 million.
Despite this recent drop, trading activity remains robust, with a volume of $42.2 million. However, this represents a 6.10% decrease compared to the previous day, according to data from CoinGecko.
PUPS reached its all-time high price of $95.02 on April 13, which is 53.5% higher than its current price. On the other hand, its lowest recorded price was $0.03513 on January 26. Since then, the value of the token has surged by over 125,000%.
Over the past week, PUPS has outperformed the general cryptocurrency market, rising by 18.4%, while the market as a whole witnessed a decrease of 12.3%. Additionally, PUPS has also surpassed other similar meme coins, which have experienced a decline of 27.1%.
According to Magic Eden, the Ordinals collection Bitcoin Puppets currently has a floor price of 0.37 BTC, equivalent to $23,000.
The spokesperson for PUPS expressed their enthusiasm for migrating to Runes, a more decentralized alternative to BRC-20, as it aligns with the principles of Bitcoin. The transition to Runes is scheduled for later this month, coinciding with the Bitcoin halving event and the launch of the new Runes protocol.
The recent negative price movement of PUPS comes after the token skyrocketed by 1,056% last week in anticipation of these upcoming events. While PUPS claims to be the first meme coin on Bitcoin (BTC), there has been some controversy, with others pointing to earlier projects like MEME as pioneers.
As explained in a recent guide by Xverse Wallet, Runes are designed to serve as a fungible token alternative to the BRC-20 standard. The goal of Runes is to minimize network congestion by discouraging the accumulation of unnecessary UTXOs. This initiative has gained traction, with platforms like Magic Eden and BitX facilitating the trading and launch of Rune-related tokens.
The Runes protocol has received praise for its minimal on-chain footprint and is set to enhance Bitcoin’s functionality by integrating its UTXO model directly into Bitcoin layer 1. This stands in contrast to the more congestive BRC-20 tokens derived from Ordinal Theory.
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