This article focuses on the recently popular Bitcoin Meme coin $PUPS. I will cover Ordinals and Runes, and talk about Bitcoin Puppets by the way.
$PUPS is a token that will be available on the Rune Protocol (Pre-Rune).
Bitcoin Puppets by uofreetepuppel is an inscribed Ordinals collection. There is no official connection between the two.
uofreetepuppel has made it clear that there will not be any official roadmap or any commercial development efforts for puppets.
What are Runes and Ordinals?
You really should know this by now, but if you need a refresher:
Ordinals are arbitrary data inscriptions (in the form of text, images or videos) inscribed on a single satoshi (the smallest possible unit of Bitcoin, similar to a quark in physics).
When this is created in 2023 it represents a $BTC paradigm shift.
As an Ethereum fan, I feel cheated. So Bitcoin has always been more than just a store of value?
Despite my personal complaints, I have to admit that this is very innovative and probably one of the coolest things to happen in crypto.
In fact, these so-called “Bitcoin NFTs” are arguably even more non-fungible than Ethereum NFTs.
They are completely on-chain, permissionless, uncensorable, and immutable. The creators of Ordinals actually prefer that they be called “digital relics.”
Runes is a new protocol developed by the same team ( Casey ) that developed Ordinals.
Runes are more similar to ERC-20 tokens, enabled by a unique UTXO model that is more concise than BRC-20.
These are fungible and will become the preferred standard for $BTC tokens.
Runes will not appear before the halving.
But Pups and other soon-to-be Rune protocols are being pre-launched as pre-Rune and will migrate to the Rune infrastructure at launch.
Basically, Ordinals ($PUPS) are NFTs and Runes ($PUPS) are the ERC-20 equivalents.
But if Bitcoin Puppet and PUPS are not related, why are they often referred to as an ecosystem?
Pups was inspired by Puppets, and while structurally they are completely different projects, the communities overlap.
Given the quirky, volatile (almost to the brink of insanity) vibe of puppet culture, the Pups see their image as the first meme on Bitcoin.
To reward them for their inspiration, Pups airdropped $PUPS to the Puppets and OPIUM communities (the latter being a similar collectible created by uofreetepuppel ).
There are currently three versions of $PUPS, which will converge into the official $PUPS rune after the halving.
The first one is the actual sats/PUPS which are listed on different exchanges, mainly Unisat.
Think of this as a direct pre-sale of liquidity allocated to runes.
The second is the Ordinals NFT series airdropped to Puppet and OPIUM holders.
These will also represent an allocation and in most cases will be priced according to a range.
The last version is the $PUPS token on $SOL. These are cross-chain synthetic assets that are essentially the exact same thing.
Because there are huge arbitrage opportunities that keep popping up, it’s clear that the cryptocurrency markets are not efficient enough. But they all give you exposure.
$PUPS is up over 1,000% in the last week as people realize these are essentially the first generation of representative meme coins on Bitcoin.
As a recipient of the Rune Pups airdrop, I am very happy.
The current estimated total market cap is still well below $1 billion, and Ansem ’s post shows how undervalued it is currently.
