The ever-evolving world of cryptocurrencies once again witnessed a buzz today, April 19, as the Bitcoin meme coin PUPS (Ordinals) rallied nearly 20%, primarily aligning with a couple of bullish events amidst the BTC halving. Blockchain data highlights a massive whale accumulation, further accompanied by the launch of Runes protocol, a new standard for fungible tokens issued directly on the Bitcoin network, driving an optimistic market torrent for the PUPS token. This chronicle positions the Bitcoin meme coin alongside prominent meme cryptocurrencies in the crypto realm, including Dogecoin, Shiba Inu, and many others.

In tandem with today’s BTC halving event, Ordinals developer Casey Rodarmor earlier announced the launch of Runes, further propelling investor enthusiasm for Bitcoin-adjacent tokens. Aligning with this, the PUPS token, positioned as the first meme coin on the world’s largest blockchain, earlier commenced its journey into the crypto realm as a BRC-20 token. However, with the Runes protocol going live amidst the BTC halving, PUPS migrated into a Runes protocol-based token, which appears to have ignited a bullish escapade for the meme coin.

Pre-halving PUPS Whale Accumulation: Report

Intriguingly, the Runes protocol was all set to go live alongside this year’s BTC halving, indicating a highly strategic investment by an unknown whale in the asset. According to the insights revealed by the on-chain data analytics platform LookonChain, a whale bought 8,862 PUPS, worth $512K, at $58 right before the halving. Underscoring the whale’s confidence in the asset, primarily attributed to the launch of Runes protocol, the accumulation ignited substantial market optimism on the token.

Meanwhile, this whale appears to have bought a total of 63,024 PUPS, worth $4.29 million, to date at an average price of $68, making the address the largest holder of PUPS on Solana. Notably, although the token functions atop the Bitcoin blockchain, platforms like Multibit appear to be empowering the bridging of PUPS between Solana and Bitcoin, aligning with the abovementioned accumulation on the Solana blockchain.

This chronicle collectively (the launch of Runes & whale accumulation) ignited an optimistic frenzy on PUPS as the token rallied nearly 20%.

Also Read: Shiba Inu News: Over 700M Burned, SHIB Price Target $0.00004

PUPS (Ordinals) Price Rallies

The PUPS (Ordinals) token’s price surged 18.79% over the past 24 hours and is currently resting at $60.89. The Bitcoin meme coin further anchored its bullish take in the market today, with an 18.79% increase in the market cap, escorted by a 24.56% upswing in the 24-hour trading volume.

This surge in the token projects immense bullishness among investors, primarily resulting from the recent successful BTC halving. Paired with the whale accumulation and Runes launch, PUPS has created waves across the crypto landscape, gaining significant traction among investors promptly after its inception.

Also Read: Crypto Prices Today April 20: Bitcoin At $64K, Ethereum Nears $3100, SOL & XRP Recover

The post Bitcoin Meme Coin: PUPS Pumps 20% On Whale Accumulation and Runes appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am