According to CoinMarketCap, the PUPS meme coin has increased by 55% in the past 24 hours, reaching its peak at $174 and currently at $72. Its market capitalization has also risen by 48.67% to approximately $563.75 million. Trading activity has significantly increased, with a 387.38% rise in volume over the past day to $31.37 million.

The current hype surrounding PUPS is largely due to the upcoming launch of the Runes protocol, which introduces a new UTXO-based system for creating and managing tokens on the Bitcoin blockchain. The transition of the BRC-20 token to Runes later this month, coinciding with the Bitcoin halving, has generated interest.

The simplified approach of Runes, which reduces blockchain bloat and user interaction, is an appealing alternative to the BRC-20 token. This could lead to wider adoption and innovation within the Bitcoin community. The recent surge in the value of PUPS, which saw a 1,056% increase last week, is likely influenced by the excitement surrounding the Runes protocol.

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The value of the meme coin PUPS (PUPS) has experienced a notable surge, rising by 50% in the last 24 hours due to excitement surrounding the upcoming Runes protocol. This protocol’s goal is to improve the efficiency and affordability of Bitcoin’s BTC/USD transactions.

At present, PUPS holds a market capitalization of $516 million, making it the third-largest token based on Bitcoin, following ORDI and SATS. In terms of trading, PUPS has surpassed all other NFT collections, with a trading volume exceeding $11 million. This puts it ahead of popular collections such as NodeMonkes, whose trading volumes were $1 million.

Initially launched as an Ordinals token, PUPS plans to shift to the Runes protocol after Bitcoin’s halving event. The token’s remarkable performance, including a 1,000% rise in the last week, solidifies its position as the leading meme coin on Bitcoin, driving its popularity and appeal.

The Runes protocol is scheduled to be activated after the upcoming Bitcoin halving. Its aim is to enhance the current Ordinals protocol by using the Unspent Transaction Output (UTXO) model, making it simpler to create, name, and transfer digital assets within the Bitcoin network.

Both the Ordinals and Runes initiatives are headed by veteran Bitcoin developer Casey Rodarmor, whose reputation provides credibility and trustworthiness to these projects. Rodarmor emphasizes that the Runes protocol is designed for “degens and meme coins,” highlighting its user-friendly design, efficiency, and security.

The introduction of the Runes protocol has become a major topic of discussion in the digital asset community, especially with the approaching Benzinga’s Future of Digital Assets conference. This event will explore how innovations like Runes shape the landscape of digital currencies and blockchain technology.

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The social aspect of web3 is rapidly changing and becoming an important aspect. In a recent episode of the SlateCast podcast, Liam “Akiba” Wright and CEO Nate Whitehill from CryptoSlate spoke with Joonatan Lintala, the CEO of Phaver social app, to discuss how this new approach is empowering creators and communities.

The conversation started with a focus on meme coins, which can be controversial. Akiba shared his concerns about meme coins, saying they can hinder adoption and are more like gambling than creating real value. However, he acknowledged that Lens memecoins, like Bonsai and Degen, act differently and can boost the use of decentralized social platforms.

Lintala shared a similar perspective, highlighting the difference between speculation and practical solutions in blockchain. He explained that if meme coins, particularly social ones, promote the use of decentralized platforms, they can be beneficial.

Lintala then talked about Phaver’s strategy for creating an in-app economy, stressing the importance of being “farming resistant” and working with advertising partners. He discussed the lessons learned from the Lens community and how airdrops to bots and users with multiple accounts have diluted the value of some meme coin distributions.

An essential part of Phaver’s approach is collaborating with quality web3 projects and local communities. Lintala emphasized the value of these partnerships in driving growth.

Phaver aims to provide a comprehensive web3 social experience by integrating Lens, Farcaster, and Open Actions. This will allow users to create NFTs, sell digital content, and access various web3 features within the Phaver platform.

As web3 social media continues to gain popularity, Phaver stands out for its focus on building a mainstream-friendly and farming-resistant platform that empowers creators and communities. With plans to incorporate various web3 functions and maintain a diverse and engaged user base, Phaver strives to be a leader in the next era of decentralized social media.

Recently, there has been a shift in the dominant hype surrounding meme coins on the Solana blockchain (SOL). The focus is now returning to its origin, Ethereum (ETH). A trader’s impressive gain of 69,300% on a trade, as highlighted by the crypto analytics platform Lookonchain, has reignited interest in the Ethereum ecosystem.

The trade involved converting $9,000 into $6.27 million on Ethereum in just one month, resulting in a gain of 693x. This was achieved by acquiring a meme coin called $APU, using 2.385 ETH to obtain 8.36 billion APU tokens between March 11 and March 24. The rapid increase in the meme coin’s value during this period led to the record-breaking gain for the trader.

On-chain data shows that the trader, known as a “whale,” is still holding a significant amount of the token, indicating confidence in the meme coin’s potential. Despite challenges with high transaction fees, which have driven traders to Solana, the recent launch of Ethereum’s Dencun Upgrade has made its layer-2 scaling solutions more affordable for trading.

This has made Ethereum’s layer-2 protocols, such as Polygon (MATIC), zkSync, Arbitrum (ARB), Optimism (OP), and Base, more appealing for the resurgence of meme coins. As Solana continues to work on solutions for its reliability issues, the Ethereum ecosystem has the opportunity to regain its position as the top choice for meme coin enthusiasts.

On-chain data indicates that an Ethereum trader moved their tokens to a different digital currency wallet. The trader initially invested $8,300 into a frog-themed memecoin a month ago and this investment saw a whopping 750-fold increase in value. The value of this meme-based cryptocurrency, named Apu Apustaja (APU), experienced a major spike on April 11, taking its market capitalization to almost $200 million. In March, the trader had made multiple transactions, amassing billions of APU tokens. These tokens were worth roughly $6.5 million at their price peak on April 11. However, on April 12 the trader moved their tokens to another wallet, suggesting a possible decision to sell them. The trader’s actions sparked discussion within the community, with commendations for holding onto the tokens and suggestions that the wallet may be owned by a developer. This scenario underscores the potential ups and downs within the memecoin market, as some traders sell their investments too soon and miss out on more substantial profits.

PUPS, a cryptocurrency inspired by Bitcoin (BTC), recorded a new record high of $84.08 on Friday. The Ordinals Inscription project, which was launched around a year ago, has seen a surge in value due to the excitement surrounding the upcoming Bitcoin halving. On Friday, PUPS experienced a significant increase of over 50%, along with other Ordinals tokens such as PEPE, PIZA, and MEME.

Bitcoin-based digital assets, known as non-fungible tokens (NFTs), have become popular among traders. The upcoming halving event for Bitcoin, as well as the recent surge in BTC prices, has contributed to price increases for BRC-20 tokens and meme coins like PUPS, PEPE, PIZA, and MEME.

Based on data from CoinGecko, PUPS reached a new all-time high of $84.08 on Friday.

Market participants have taken notice of the Ordinals tokens and meme coins like PUPS, PEPE, PIZA, and MEME, as they seek to invest in assets within the Bitcoin ecosystem ahead of the halving event on April 19. Many Bitcoin-related tokens have seen price increases leading up to the halving.

As of Friday, PUPS’ market capitalization exceeded $630 million, up from $373 million on April 11, with a daily trade volume of over $41 million.

Other Ordinals tokens, including PEPE, PIZA, and MEME, also saw significant price increases on Friday. At the time of writing, PUPS had experienced a daily gain of 74%.

According to CoinGecko, PEPE, PIZA, and MEME all showed price increases of 33%, 65.4%, and 73.8% respectively compared to the previous day.

The upcoming Bitcoin halving is driving prices higher for Bitcoin and its related tokens in the short term. It remains to be seen if these cryptocurrencies will experience a “sell the news” effect, where prices do not rise as expected or even decline, once the halving event takes place.

According to CoinGecko, the value of Pups, a meme coin based on Bitcoin, has risen by almost 81% in the last 24 hours, surpassing $86.94. Pups has gained traction on Twitter, with prominent crypto trader Ansem showing support. Nonetheless, there has been a discussion about whether Pups can truly be considered the first meme coin on the Bitcoin platform, as other similar projects like MEME have also been mentioned. Ansem defended Pups as the original meme coin and emphasized that the project should not be associated with that narrative. Although currently a BRC-20 token, Pups is scheduled to convert to the Rune protocol later this month. Last week, the token experienced a significant increase in value in anticipation of the upcoming Bitcoin halving and the launch of the Runes protocol.

Despite previous hype and community support, these coins may face further drops in market cap and prices due to speculation and lack of stability.

The decrease in value of three meme coins is a complex problem that goes beyond issues within specific projects. These tokens have reached a critical point as market forces are finally catching up after a significant delay. In order to offset their lack of actual worth and technical support, meme coins heavily rely on viral marketing and social media activity. However, these methods only provide temporary results and require constant hype to maintain them.

It may seem unlikely for a major investor to sell an asset that has produced a 1,000% return. However, by monitoring large transactions, we can observe numerous instances of meme coins being sold. In the first three months of 2024, there was a spike in purchases of meme coins, causing prices to increase. Speculation often leads to overbought conditions and profit-taking, resulting in a drop in prices. Even jokes on social media are unable to prevent this downward trend.

One example is Bonk (BONK-USD), which gained popularity through internet memes and satire on the Solana (SOL-USD) blockchain. During a market downturn in 2022, Bonk offered hope for a bull market and attracted investors hoping for a repeat rally. However, its peak price of $0.000024 was followed by a steady decline to $0.000001 in late 2023 as attention shifted to more established coins. Despite the introduction of BonkSwap and BonkDex, the token remains primarily for entertainment purposes. Recently, there has been a decrease in Solana-based meme tokens, including Bonk, which has dropped by 3.5%. The token’s price has dropped below its 100-day EMA, making it a meme coin that is recommended to sell. Despite efforts from whales and boosters, investor interest in Bonk is low.

Another example is Dogwifhat (WIF-USD), which has also faced selling pressure recently. Its price dropped to around $2, but social media promotions and community activity helped stabilize it. However, the token’s investors have shown a lack of professionalism as they did not respond to important news. When the trend shifts, a sharp drop is expected. Despite its transformation from an unknown token to the 35th-ranked meme coin in terms of market capitalization, Dogwifhat may return to being an unwanted coin. It has already experienced a drop from $4.85 to $3.3, and if it does not meet expectations for rapid growth, investors will likely sell it, resulting in a decrease in market cap and a downward price trend.

Lastly, Dogecoin (DOGE-USD) has recently experienced a series of ups and downs. Despite some recovery, the cryptocurrency has not shown a consistent upward trend. The recent decrease in Dogecoin’s value has led to a drop in market activity and investor interest. Whales selling their holdings and major movements of DOGE to exchanges indicate a lack of confidence in the digital asset. While it remains in the top 10 in terms of market capitalization, Dogecoin’s position has been affected. There are varying opinions among analysts about the community’s impact on the token’s stability. However, the highly volatile nature of DOGE may cause it to return to lower values without the hype. The peak of 2024 appears to have passed, and the future performance of this meme coin is uncertain.

In summary, the decline of these meme coins is caused by multiple factors, including the lack of actual value, dependence on viral marketing, and the impact of market forces. Bonk, Dogwifhat, and Dogecoin have all experienced selling pressure and are considered meme coins that should be sold due to their decreasing prices and low investor interest. Despite previous hype and community support, these tokens may see further drops in market cap and prices due to speculation and instability.