Original author: Weilin
The price of PUPS, a BRC 20 protocol-based puppet token in the Bitcoin ecosystem, has skyrocketed by 1101% in the past week, reaching $44.56. Some other BRC 20 tokens, such as WZRD, W☮, ZBIT, $π, etc., have also experienced significant price increases, driving up trading volumes.
PUPS is forming a new way to play with image coins, and the matrix related to the Puppet Monkey IP has also received widespread attention, stimulating the BTC ecosystem. The prices of other image-coin hybrid projects SHID and HONK have also seen a significant surge. PUPS will also migrate to the Runes protocol. These trends are seen as a prelude to the Bitcoin halving on April 20 and the launch of the Rune protocol.
PUPS's astonishing rise exceeded 1101% in a single week
PUPS is a meme coin in the BTC ecosystem, and its symbol is a puppet monkey wearing a hat. According to CoinGecko data, at 9:00 on April 4, PUPS was quoted at $3.71, and as of April 11, it was quoted at $44.56, an increase of more than 1101%. The maximum supply of PUPS is 7.7 million, and its current market value has exceeded $357 million, ranking third in the market value of BRC 20 tokens. PUPS is catching up with ORDI, which has a market value of about $1.6 billion, while the second-ranked SATS is about $1 billion.
Because the image of Pups echoes Solana’s meme coin dogwifhat, Ansem, a well-known KOL in the Solana ecosystem, also shill for it: “Just bought Bitcoin brother’s wif,” Ansem said on April 6.
Ansem's tweet about PUPS also caught the attention of artist Beeple, who immortalized Ansem, Dogwifhat, and PUPS in a digital painting. "This is Ansem's world, and we all just live in it," Beeple wrote on Twitter.
PUPS was launched in March 2023, before the official Bitcoin Puppets collection, and became the representative of the OG meme coin. Its free minting airdrop to the "OPIUM ordinal community" quickly gained attention and was often used as a joke in the community. This airdrop was the first BRC-20 airdrop on Bitcoin, further consolidating PUPS's position in the BTC Ordinals field.
At the same time, the latest hot meme project in the BRC-20 ecosystem is in a very active state. As of 2:00 pm on April 11, the top five BRC 20 projects in OKX in the past 24 hours by trading volume are: PUPS (43.208 BTC), W☮ (17.9041 BTC), NODE (12.3807 BTC), cats (10.0028 BTC), wzrd (7.9443 BTC). In addition, ZBIT has also received a lot of attention.
Among them, WZRD is the token of the Bitcoin Wizard project, a Bitcoin Ordinal NFT project that celebrates the tenth anniversary of the original Bitcoin Wizard created by mavensbot. "Magic Internet Money" created by mavensbot is an iconic advertisement promoting Bitcoin. It was originally created by mavensbot on the evening of February 18, 2013 and quickly became the most popular advertisement on reddit.
Another W☮ is themed on world peace, which is not only popular in the Chinese-speaking world, but also attracts a lot of attention from overseas users. ZBIT is the token of the NFT project BTC Machine, which attempts to use Ordinals to build an MMORPG to represent digital assets and ensure immutability and ownership. Previously, the project announced that it would airdrop ZBIT tokens for Runestone holders. Other graphic inscriptions in the ecosystem are also attracting more users, such as SHID, HONK, NODE, and AMB, and have ushered in more "shill".
Projects represented by SHID
“Puppet Empire” coin game stimulates BTC ecosystem
At present, the inscriptions and tokens related to the puppet monkey are very popular, forming a "puppet empire". The latest trend is the emergence of a new model represented by PUPS in the inscription market, namely the "IP matrix" gameplay. The core of this gameplay is to launch a BRC 20 token based on an Ordinals NFT. However, the launcher of this BRC 20 token is not necessarily the NFT project party, but more likely the initiator of the community.
Related projects include Le Puppettes, Little Pups, Pixel Puppets, etc.
According to the Pups team, PUPS will migrate from BRC-20 to the Runes protocol when the Bitcoin halving occurs later this month. A Pups spokesperson said: “Migration to Runes, which is more decentralized than BRC-20, feels like the Bitcoin way.”
Developed by Casey Rodarmor, who is also behind Ordinals, Runes allows fungible tokens like memecoins to run on the Bitcoin network. Runes will be available on the Bitcoin network after the much-anticipated halving.
Memecoins have traditionally thrived on alternative blockchains like Solana due to their faster transaction speeds and lower fees, whereas Bitcoin has been somewhat of an accident due to its slower speeds and higher transaction costs, and PUPS exists on Bitcoin via the BRC-20 standard.
At present, it is interesting that PUPS itself has been cross-chained to the Solana chain, and is also considered by some users to be a bridge connecting the Solana and BTC ecosystems.
