Bitcoin meme coin PUPS hit a new all-time high as Ordinals tokens rose. Bitcoin Blockchain-based meme coins have emerged as a favorite among investors. The upcoming Bitcoin halving and the recent BTC price rally have catalyzed gains in BRC-20 tokens and meme coins such as PUPS and PIZA. Moreover, the popular analyst nicknamed Bluntz expects more for PUPS.
These 2 meme coins are defying the decline!
cryptokoin.comAs you follow from , the crypto market was painted red with sharp sales. However, some are challenging this decline. Meme coins such as PUPS and PIZA have attracted the attention of market participants looking for Bitcoin ecosystem tokens ahead of the halving event on April 19. As the halving approaches, we are generally witnessing a price increase in Bitcoin-related tokens.
The market cap of PUPS rose from $373 million on April 11 to more than $680 million on Saturday. Meme coin sees a daily trading volume of over $17 million. PUPS daily gains were over 14% at the time of writing. The weekly gain of the token is over 147%. PIZA also witnessed double-digit price growth. PIZA is up over 28% on its daily chart at the time of writing. The weekly gain of the token is over 500%.
Bluntz: PUPS still gives a bull signal!
Crypto analyst with the pseudonym Bluntz, who has a wide following, says that PUPS (Ordinals), which have risen rapidly in the last few weeks, still have more upside potential. The analyst highlights the ascending channel breakout on the token’s four-hour chart. In this context, he states that he has entered a long position on PUPS. In technical analysis, a break at the upper limit of the ascending channel is considered an upward move.
PUPS was trading at $87.73 at the time of writing. In his chart below, Bluntz compares PUPS to Nosana (NOS), a decentralized mass computing protocol. The analyst sees PUPS exhibiting a similar pattern to the one NOS formed before it broke out earlier in the year.
What is behind the rise of PUPS and PIZA?
Bitcoin’s halving acts as a catalyst for Bitcoin and its ecosystem tokens, driving prices higher in the short term. It remains to be seen whether these cryptocurrencies will be subject to a “sell the news” effect in the ongoing cycle where market participants expect gains in the weeks leading up to the event, but when the event occurs, prices do not rise as much as expected or even fall.
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