Within a week, Pups’ value surged by 1,056% to $41.89, fueled by anticipation for the upcoming Bitcoin halving and the Runes protocol debut. Starting the week at $22.50, Pups experienced a 44% surge on Tuesday alone. With a maximum supply of 7.7 million, Pups now boasts a market capitalization exceeding $365 million.
Viral crypto trader Ansem took to Twitter, announcing his purchase of Dogwifhat, affectionately referred to as the “wif of Bitcoin bros.”
According to the Pups team, their token, initially launched on BRC-20, will transition to the Runes protocol later this month, coinciding with the Bitcoin halving. This move towards Runes, perceived as more decentralized than BRC-20, aligns with the ethos of Bitcoin. With the creator of Ordinals also involved in building Runes, indexing Ordinals essentially means indexing Runes tokens themselves, creating a unified decentralized ecosystem for ordinals (NFTs) and tokens (Runes).
Digital artist Beeple immortalized Ansem, Dogwifhat, and Pups in a digital painting, remarking, “It’s Ansem’s world, and we’re all just living in it.”
Despite the surge in Pups’ value, Dogwifhat (WIF) is currently priced at $3.67, up 1.5% on Wednesday. However, other dog-themed cryptocurrencies, like Ethereum-based Floki and Solana-based Bonk, are struggling this week.
The floor price of a Pups token inscription is currently $46 on UniSat. When asked about the sudden surge of interest, the spokesperson attributed it to owning a compelling meme.
As the community anticipates the joint Bitcoin and Runes milestones, some are urging a rational perspective amidst the frenzy.
