Memecoins are conquering Bitcoin. One in particular: PUPS. In anticipation, the Halving rose 1,000 percent during the week. It shot up from USD 7 to USD 70. The reason: the hype surrounding a new memecoin protocol on Bitcoin, which PUPS wants to jump on.

It is called Runes and will be activated after the Halving. It comes from Casey Rodamor, the developer of the controversial Ordinals. Ordinals are NFTs on Bitcoin. They were launched a year ago and are now the most valuable NFT market. But purists reject them.

With Runes, memecoins will find their way into the world's most valuable blockchain. They are built for "Degens and Memecoins," Rodamor said in a tweet. Transactions should be simple, fast and secure in an independent environment that does not directly affect Bitcoin or Ordinals.

Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure. It is a legitimate competitor to Taproot Assets and RGB.

The protocol is self contained and has no dependencies on ordinals or inscriptions, making it extremely simple.

Balances are…
— Casey (@rodarmor) April 1, 2024

PUPS is currently still running on the Ordinal protocol and will switch to Runes after the Halving. Social media has labeled PUPS as the "first memecoin on Bitcoin." However, the team rejected this name today. The first memecoin was probably Ordi, which was created last year.

The halving is expected next week. Every four years, the rewards miners receive for mining Bitcoin are halved. In the past, almost every halving has been accompanied by a sharp rise in the BTC price, usually a few months later.