On April 19, 2023, the unpredictable realm of cryptocurrencies was abuzz once more with the significant surge of Bitcoin meme coin PUPS (Ordinals), which saw a nearly 20% increase. This rally can be attributed to a few optimistic occurrences in the BTC community, such as whale activity and the launch of the new Runes protocol for issuing fungible tokens directly on the Bitcoin network. The bustling market sentiment for PUPS is reminiscent of other popular meme cryptocurrencies like Dogecoin, Shiba Inu, and their ilk.
Today’s Bitcoin halving has brought excitement among investors, and developer Casey Rodarmor recently introduced Runes as another Bitcoin-related token. At the same time, PUPS, the first meme coin on the Bitcoin network, began its crypto journey as a BRC-20 token. However, with the launch of the Runes protocol during the halving event, PUPS transformed into a token based on the Runes platform. This shift seems to have sparked a bullish trend for the meme coin.
Pre-halving PUPS Whale Accumulation: Report
Interestingly, the Runes protocol was poised for launch this year during Bitcoin’s halving event, suggesting a well-planned investment by an unidentified large investor in the cryptocurrency. Based on data from the analytics platform LookonChain, this whale purchased 8,862 PUPS, valued at $512K, at a price of $58 just before the halving. The whale’s faith in the asset, driven mainly by the upcoming Runes protocol launch, led to significant market enthusiasm for the token.
In the meantime, the whale has purchased a grand total of 63,024 Pups, valued at approximately $4.29 million, so far on Solana, with an average price of $68 per Pup. It’s worth mentioning that although Pups operate on the Bitcoin blockchain, services such as Multibit facilitate the transfer of Pups between Solana and Bitcoin. This aligns with the significant accumulation of Pups taking place on the Solana network.
The combined events of Runes’ launch and the whale’s accumulation sparked a collective enthusiasm on PUPS, causing the token to surge approximately 20% in value.
PUPS (Ordinals) Price Rallies
Over the last 24 hours, the price of the PUPS (Ordinals) token rose by 18.79%, now sitting at $60.89. The digital currency, which has been dubbed a Bitcoin meme coin, strengthened its position in the market today. This was evidenced by a 18.79% gain in market capitalization and a significant surge of 24.56% in the token’s 24-hour trading volume.
Investors are greatly optimistic about the token’s future due to a large increase in demand recently. This surge can be attributed to the successful BTC halving, as well as whale purchases and the launch of Runes. As a result, PUPS has generated considerable interest in the crypto world, quickly attracting investors since its debut.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- TAO PREDICTION. TAO cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- ALPINE PREDICTION. ALPINE cryptocurrency
- Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH
- MicroStrategy Or Nvidia? MSTR Stock Outperforms World’s Largest Chip Manufacturer
- WazirX Moves To Recover $150 Million In Shiba Inu, Ethereum And Others With Bounty Program
2024-04-20 10:11