Another BRC-20 token called PUPS has taken a significant blow. In just 24 hours, its value has dropped 40%. Its market value has dropped to $348 million because of this drop.
Even though things have changed drastically, trade is still going strong, with a total volume of $42.2 million. To be fair, this number is 6.10% lower than the previous day, according to CoinGecko.
PUPS hit its highest point on April 13, when it was worth $95.02, which is 53.5% more than its current price. It was worth $0.03513 on January 26, which was its lowest value ever. Since then, the token’s value has gone through the roof, rising by more than 125,000%.
PUPS Resilience Outpaces Market
In the past week, PUPS has shown that it can bounce back, with an 18.4% rise. The overall cryptocurrency market fell 12.3%, but this result was better. It also did better than similar joke coins, which lost 27.1% of their value.
Magic Eden says that the lowest price for the Ordinals collection Bitcoin Puppets right now is 0.37 BTC, which is about $23,000.
When asked about the switch to Runes, a PUPS representative said, “Migrating to [Runes], which is far more decentralized than BRC-20, feels like the Bitcoin way.” The change is set to happen later this month, at the same time that Bitcoin is halved and the new Runes system starts up.
The recent drop in price is very different from last week’s skyrocketing 1,056% rise in the PUPS coin, which was caused by people looking forward to upcoming events. Its supporters and official website say it is the first meme coin on Bitcoin (BTC), but there is some disagreement about this. Some say that earlier projects like MEME were the real firsts.
According to a new guide from Xverse Wallet, Runes can be used instead of the BRC-20 standard as a fungible currency. Runes try to make networks less crowded by stopping the buildup of UTXOs that aren’t needed. This project is becoming more popular, and sites like Magic Eden and BitX are making it easier to trade and release Rune-related coins.
The Runes protocol is known for having a small impact on the blockchain. It will improve Bitcoin’s functionality by adding its UTXO model straight to Bitcoin layer 1. The BRC-20 pieces that come from Ordinal Theory, on the other hand, are more crowded.
