Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

• Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday.

• The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

• PUPS price rallied over 50% on Friday, alongside other Ordinals tokens such as PEPE, PIZA or MEME.

Bitcoin blockchain-based tokens that are essentially NFTs, created using the smallest unit of BTC – a Satoshi – have emerged as a favorite among traders. The upcoming Bitcoin halving and the recent BTC price rally have catalyzed gains in BRC-20 tokens and meme coins like PUPS, PEPE (Ordinals-based token, not the frog-themed meme coin PEPE), PIZA and MEME. 

PUPS price hit a new all-time high on Friday at $84.08, according to data from  CoinGecko. 

Ordinals tokens resurge

Ordinals tokens and meme coins like PUPS, PEPE, PIZA and MEME have garnered attention from market participants looking for Bitcoin ecosystem tokens ahead of the upcoming halving event on April 19. Bitcoin-related tokens have generally observed a price increase as the halving draws close. 

PUPS’ market capitalization exceeded $630 million on Friday, up from $373 million on April 11, while the meme coin sees over $41 million in daily trade volume.

Other BRC-20 Ordinals tokens such as PEPE, PIZA and MEME have yielded double-digit price gains on Friday. PUPS daily gains are 74% at the time of writing.

CoinGecko data shows that PEPE, PIZA and MEME prices rallied 33%, 65.4% and 73.8% respectively, compared with the previous day.

The Bitcoin halving is acting as a catalyst for Bitcoin and its ecosystem tokens, driving prices higher in the short term. It remains to be seen whether these cryptocurrencies suffer a “sell the news” effect in the ongoing cycle, where market participants expect gains in the weeks leading up to the event but then prices don’t rise as much as expected, or even fall, when the event occurs.