Bitcoin meme coin PUPS experienced a significant surge of 55% in just 24 hours, coinciding with the impending release of the Runes protocol. The latest data from CoinMarketCap shows that PUPS reached a peak of over $174 and is currently trading at $72, marking a notable increase.

The market capitalization of PUPS now stands at around $563.75 million, reflecting a 48.67% rise within a day. Trading volume has also seen a substantial uptick, soaring by 387.38% to reach $31.37 million in the past 24 hours.

The buzz surrounding PUPS is mainly fueled by the upcoming launch of the Runes protocol. This new protocol is set to introduce a unique UTXO-based fungible token system on the Bitcoin blockchain, with the goal of simplifying token creation and management. As the Bitcoin halving approaches, the BRC-20 token will transition to Runes, ushering in a new era for the cryptocurrency.

PUPS holds the distinction of being the first memecoin on Bitcoin, as well as the first BRC-20 airdrop on the platform. The migration to Runes will involve a distribution of BRC20 and Ordinal pre-rune tokens, with BRC20 Pups accounting for 77% and Rune Puppets making up the remaining 23%.

The Runes protocol is designed to streamline operations, reduce blockchain bloat, and enhance user experience, positioning it as a promising option for Bitcoin users. This transition, combined with the excitement surrounding the protocol, contributed to a remarkable 1,056% surge in PUPS value last week.

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