The cryptocurrency world is in turmoil today, with BTC rallying 20% during the Bitcoin halving. Bitcoin themed meme came to life once again with the coin PUPS (Ordinals). Blockchain data highlights the emergence of a massive whale backlog for the PUPS token with the launch of the Runes protocol, a new standard for fungible tokens mined from the Bitcoin network. This places PUPS alongside Dogecoin, Shiba Inu, and other leading meme coins in the crypto world.
In the same time frame as today’s BTC halving event, Ordinals developer Casey Rodarmor previously announced the launch of Runes, increasing interest in Bitcoin-adjacent tokens. It is also the first on the world’s largest blockchain meme coin PUPS token, positioned as BRC-20 token, previously entered the crypto world. However, with the launch of the Runes protocol around the time of the BTC halving, PUPS turned into a Runes protocol-based token, which seems to have triggered a bullish wave for the meme coin.
PUPS Whale Accumulation
The launch of the Runes protocol simultaneously with this year’s BTC halving showed that it was backed by a strategic investment by an unexpectedly wealthy whale. According to data provided by LookonChain, the whale purchased 8,862 PUPS worth $512K at $58 just before the halving. This was considered a significant sign of the whale’s confidence in the Runes protocol launch and created significant market optimism on the token.
Additionally, this whale appears to have purchased a total of 63,024 PUPS worth $4.29 million at an average price of $68, making him the largest PUPS holder on Solana. Although the token is traded on the Bitcoin blockchain, it also appears to be actively traded on the Solana blockchain, in line with platforms that have the potential to bridge Solana and Bitcoin.
These developments caused the token to gain approximately 20% in value, with factors such as the Runes protocol launch and whale accumulation having a positive impact on PUPS.
PUPS (Ordinals) Price Rallies
As we reported as Koinfinans.com PUPS The price of (Ordinals) token increased by 18.79% in the last 24 hours and currently stands at $60.89. The Bitcoin meme trend further consolidated its rise in the market today with an 18.79% increase in market value accompanied by a 24.56% increase in 24-hour trading volume.
This rise in the token reflects a tremendous uptick among investors, primarily driven by the recent successful BTC halving. Paired with Whale accumulation and the Runes launch, PUPS made waves in the crypto landscape and gained significant traction among investors soon after its launch.
