PUPS, a meme coin project on the Bitcoin blockchain, has skyrocketed in value. The price has risen 1.075% in the last seven days.
Data from CoinGecko shows that PUPS is currently trading at $45.40. This level is just below the new all-time high of $47.44 reached during the early Asian market session.
PUPS NFT sales explode with a 6,948% increase
The surge in PUPS activity extends to the BRC-20 NFT collection. Sales have skyrocketed 6,948% over the past seven days.
Additionally, data places PUPS BRC-20 NFTs second in sales volume over the past week, reaching $18.4 million from 3,232 transactions with 1,161 buyers. This beats the numbers of NodeMonkes, which posted revenues of $11.72 million with an increase of just 108.61%.
Read more: Top 5 BRC-20 Platforms to Trade Ordinals in 2024
UniSat reveals a staggering floor price of 61,799 sats for PUPS NFTs – equivalent to approximately 0.46 BTC or $32,655 at the time of writing.
Interestingly, PUPS trails only the ‘Uncategorized Ordinals’ group, which posted a remarkable $48.15 million in revenue during the same period. The term ‘Uncategorized Ordinals’ includes various digital assets on the Bitcoin blockchain that are not part of recognized collections.
The success of PUPS reflects a broader trend. NFT sales volume on the Bitcoin blockchain has surpassed Ethereum and Solana in the past seven days. This is notable because Ethereum and Solana are traditionally associated with NFTs.
Data from CryptoSlam shows that Ethereum’s seven-day NFT sales volume is $9.38 million, while Solana’s is $3.94 million. Bitcoin, on the other hand, amassed an impressive $20.97 million.
NFT Sales Volume Across Blockchains. Source: CryptoSlam
This remarkable achievement in the PUPS ecosystem coincides with the highly anticipated launch of Runes. Casey Rodarmor, a Bitcoin developer and creator of Ordinals, created Runes as a new fungible token standard on the Bitcoin blockchain. Runes are expected to debut on Bitcoin’s mainnet following Bitcoin’s upcoming halving.
Read more: Bitcoin halves countdown
The launch of the Runes Protocol may add an extra layer of interest. It introduces a new way to use the Bitcoin blockchain.
Previously, BeInCrypto reported that asset manager Franklin Templeton is highlighting a “renaissance” in Bitcoin development, spurred by Ordinals, new token standards (BRC-20, Runes), Layer 2 solutions and DeFi applications.
“Bitcoin Ordinals have seen an increase in trading volume in recent months,” Franklin Templeton analysts wrote.
The company’s digital assets division outlined their insight into Bitcoin Ordinals in a report titled “The Rise of Bitcoin Ordinals,” published earlier this month.