The much-anticipated Runes protocol falls short of expectations post-halving, leading to a drop in floor prices for NFT collections.

Will this setback be temporary or a long-term challenge?

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#write2earn Exploring the Buzz Around #Bitcoin #MemeCoin #PUPS and the Anticipated #RunesProtocol

The buzz surrounding the upcoming Runes protocol has propelled the Bitcoin meme coin PUPS to surge by approximately 50% in the past day, as traders eagerly bet on tokens and networks related to Bitcoin before the halving.

During the Asian afternoon hours, this meme coin was trading at over $66, boasting a market capitalization of $516 million. This places it as the third-largest Bitcoin-based token, trailing behind ORDI and SATS.

According to data from Cryptoslam, PUPS has dominated global sales and volumes among all NFT collections, raking in over $11 million in volumes. Following closely behind are uncategorized Bitcoin Ordinals collections and NodeMonkes with $7 million and $1 million in volumes respectively. This continues the trend of heightened interest in Bitcoin NFTs observed earlier this week.

Data indicates that PUPS has skyrocketed by over 1,000% in the past week, earning recognition as the "first" meme coin on Bitcoin, which has contributed significantly to its viral spread and attraction. However, developers have refuted this claim, asserting a different narrative.

Currently operating as an Ordinals token, PUPS intends to transition to the forthcoming Runes protocol post-halving. Traders on the social media platform X are amplifying excitement around Runes, marking it as the next big thing following the recent fervor in the Solana and Base ecosystems.

What is Bitcoin Runes?

The impending Runes protocol, slated to launch after Bitcoin's halving, aims to enhance the Ordinals protocol by further reducing transaction costs and increasing speed. Traders anticipate it to be a sector of interest in the upcoming weeks.
Ordinals serve as a method to embed data into the Bitcoin blockchain by encoding references to digital art into small Bitcoin-based transactions.

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Crypto enthusiasts eagerly await the Runes protocol set for halving between April 19-20, 2024.

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🔥🔥What is the Runes protocol for Bitcoin?
The Runes protocol is a mechanism for creating, minting, and transferring fungible tokens directly on Bitcoin. It seeks to be more efficient than the BRC-20 token standard by providing correct UTXO management and lowering the on-chain footprint. The Runes protocol achieves this by leveraging a UTXO-based model that fits naturally into Bitcoin’s architecture. Runes was proposed in September 2023 and already launched today !

🔥Runes vs. #BRC20 Tokens: Similarities and Differences

The Runes protocol improves the Ordinals-based BRC-20 token standard by adopting Bitcoin's UTXO model. This allows it to operate within Bitcoin Layer 1, or the base blockchain, and reduce the production of unnecessary UTXOs. Therefore, Runes has a minimal on-chain footprint and improves overall efficiency. 

On the contrary, BRC-20 is based on Ordinal Theory, which is not native to Bitcoin. The protocol’s token issuance approach also leads to UTXO proliferation and network congestion. 

Another key difference between the two protocols is that Runes burns tokens created or minted using transactions with errors or cenotaphs, motivating users to exercise correct UTXO management. Conversely, the BRC-20 protocol permits users to try again when they make mistakes

Source: xverse
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RUNE 4H: chart is marked with S/Rs and current range.

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