The value of PUPS, a memecoin project on the Bitcoin blockchain, has soared. The price has increased by 1,075% in the last 7 days.
According to CoinGecko data, PUPS is currently trading at $45.40. This level is just below the all-time high of $47.44 reached earlier in Asian markets.
PUPS NFT sales explode by 6,948%
The surge in PUPS activity extends to the BRC-20 NFT collection. Sales have surged by 6,948% in the past 7 days.
Additionally, data shows that PUPS BRC-20 NFTs ranked second in sales last week, reaching $18.4 million in 3,232 transactions with 1,161 buyers. This beats his NodeMonkes numbers, which posted $11.72 million in sales, an increase of just 108.61%.
Read more: Top 5 BRC-20 Platforms to Trade Ordinal Numbers in 2024
UniSat has revealed an incredible floor price of 61,799Sat for PUPS NFT. This is equivalent to approximately 0.46 BTC or $32,655 at the time of writing.
Interestingly, PUPS trails only the “Uncategorized Ordinals” group, which grossed a whopping $48.15 million during the same period. The term “unclassified ordinal” includes various digital assets on the Bitcoin blockchain that are not part of a recognized collection.
The success of PUPS reflects a broader trend. NFT sales on the Bitcoin blockchain have surpassed Ethereum and Solana in the past seven days. This is noteworthy because Ethereum and Solana are traditionally associated with NFTs.
Ethereum’s seven-day NFT sales are $9.38 million, compared to Solana’s $3.94 million, according to CryptoSlam data. In contrast, Bitcoin collected a staggering $20.97 million.
This remarkable performance in the PUPS ecosystem coincides with the highly anticipated launch of Runes. Casey Rodarmor, Bitcoin developer and creator of Ordinals, created Runes as a new alternative token standard on the Bitcoin blockchain. Loon is set to debut on Bitcoin mainnet following the impending Bitcoin halving.
Read more: Bitcoin Halving Countdown
The launch of the Runes protocol could add another layer of interest. This introduces a new way to utilize the Bitcoin blockchain.
Previously, BeInCrypto has highlighted the “renaissance” in Bitcoin development driven by Ordinals, new token standards (BRC-20, Runes), Layer 2 solutions, and DeFi applications, with asset manager Franklin Templeton It was reported.
“Bitcoin Ordinal trading volume has skyrocketed over the past few months,” Franklin Templeton analysts wrote.
The company's digital assets division outlined insights into Bitcoin ordinal in a report published earlier this month titled “The Rise of Bitcoin Ordinal.”
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