PUPS,bitcoin account a Bitcoin-based meme coin, reached a record high of $84.08 on Friday morning, showcasing the growing interest in Ordinals tokens.
The Ordinals Inscription project, introduced nearly a year ago, is benefiting from heightened anticipation around the Bitcoin halving event.
PUPS surged over 50% in a single day, with other Ordinals tokens like PEPE, PIZA, and MEME also posting substantial gains.
Tokens built on the Bitcoin blockchain, functioning similarly to NFTs and created using the smallest unit of BTC—known as a Satoshi—have become increasingly popular among traders. The approaching Bitcoin halving, combined with the recent upward momentum in BTC prices, has fueled significant growth in BRC-20 tokens and meme coins such as PUPS, PEPE (the Ordinals-based version, distinct from the frog-themed meme coin), PIZA, and MEME.
Data from CoinGecko reveals that PUPS achieved a new all-time high of $84.08 on Friday, reflecting the heightened demand for these digital assets.
The Resurgence of Ordinals Tokens
Ordinals tokens and meme coins like PUPS, PEPE, PIZA, and MEME have captured the attention of market participants seeking exposure to Bitcoin ecosystem assets ahead of the halving event scheduled for April 19. Historically, Bitcoin-related tokens have tended to appreciate in value as the halving approaches.
PUPS' market capitalization surpassed $630 million on Friday, a notable increase from $373 million just a day earlier, with daily trading volume exceeding $41 million.
Other BRC-20 Ordinals tokens, including PEPE, PIZA, and MEME, also experienced double-digit percentage gains on Friday. At the time of writing, PUPS had surged by 74% in a single day.
According to CoinGecko, PEPE, PIZA, and MEME saw price increases of 33%, 65.4%, and 73.8%, respectively, compared to the previous day.
The Bitcoin halving is serving as a key driver for both Bitcoin and its associated ecosystem tokens, propelling short-term price appreciation. However, it remains uncertain whether these cryptocurrencies will experience a "sell the news" effect—a scenario where prices fail to meet expectations or even decline post-event, despite pre-halving rallies.
