The price was cut in half after the forging was launched. Is the new rune of the founder of Ordinals a conspiracy?

Written by: Golem, Odaily Planet Daily

At 10:30 this morning, the new rune MEMENTO•MORI by Casey, the founder of Ordinals and Runes, was opened for fair casting, which took 9 blocks to complete. Bitcoin network transaction fees soared during this period, with the median fee reaching more than 500 satoshis/byte. According to Magic Eden data, MEMENTO•MORI's current market value is 17 million US dollars, and the transaction volume has exceeded 100 BTC, equivalent to about 7.81 million US dollars.

Before and after the MEMENTO•MORI airdrop and minting,CommunityDifferent voices also emerged:

• "It's very simple. I spent 5 dollars and got hundreds of dollars in airdrops."

• "It will be very difficult to start the casting, so be prepared in advance."

• "I'm afraid the casting will be buried, so I'd better buy some in the trading market first."

• "There must be insider trading. This is all Casey's conspiracy."

• ……

Airdrop 50% in advance Xiaobai Navigation, the participating addresses made a hundred times profit

MEMENTO•MORI was etched by Casey on October 22 on the previously hard-coded rune 0 UNCOMMON•GOODS. The total supply of this rune is 100 million, but only 50% of the total supply were fairly minted today. Another 50% was reserved in advance by Casey and airdropped to subscribers of his podcast "Hell Money" early this morning.

However, this airdrop was not without any warning like other popular airdrops in the Bitcoin ecosystem. As early as October 24, Casey revealed in the Hell Money podcast that the 50% reserved by Rune MEMENTO•MORI in advance would be airdropped to its podcast subscribers, and stated that no snapshot had been taken. This seems to be a hint. Fortunately, the subscription cost of Hell Money Podcast is not high, with a minimum of only $5 per month, so many players subscribed to win the airdrop.

On October 30, lifofifo announced the list of addresses that received the MEMENTO•MORI airdrop on the X platform, totaling 2,907 addresses. The amount of airdrops each address received was related to the subscription level and duration. Even if you chose to subscribe to the lowest level of $5/month after Casey announced the airdrop, you could still get about 1,400 MEMENTO•MORI.

Casey spent about $31,000 in fees to complete the airdrop. According to Magic Eden data, after the airdrop was completed, the floor price and trading volume of MEMENTO•MORI soared, with the highest unit price exceeding 400 sats, and one sheet worth more than $350. Compared with the minimum participation cost of $5, the profit has been dozens of times.

The casting start-up enthusiasm is lower than expected, and the price continues to fall

Based on Casey's "status" and influence in the Bitcoin ecosystem, and MEMENTO•MORI is in a sense his first rune.CommunityIt is expected that when the minting starts, the Bitcoin network fee will be raised to four figures. According to the cost forecast of Bitcoin ecosystem blogger CG, if the minting network fee exceeds 1000 satoshis/byte, the cost of a single MEMENTO•MORI will reach $110, and the initial market value will exceed $10 million.

而实际上在开始铸造前，根据 Magic Eden 上的交易价格，MEMENTO•MORI 市值已经突破了 2000 万美元，如果进行成本博弈，社区预估铸造成本将会在 1500 聪 / 字节以上。因此，有玩家提前准备好了足够多的地址和手续费；也有玩家认为铸造被埋的风险太高，不如在市场上先行购买，等铸造成本飙升时进行套利。

But surprisingly, although the Bitcoin network fee increased after the start of minting, it did not soar to more than 1,000 satoshis/byte as expected, and the median miner fee was only around 500 satoshis/byte. At the same time, the trading floor price of MEMENTO•MORI on Magic Eden continued to decline with the progress of minting. The latest transaction price is 230 sats, and the price per piece is about US$160, which is about 46% lower than the price before minting.

The market enthusiasm caused by MEMENTO•MORI is not as high as expected. Except for the users who received airdrops through subscription before, the profit is not ideal if they buy before minting or do not make timely arbitrage after minting.

MEMENTO•MORI Is this Casey's conspiracy?

Although the current price of MEMENTO•MORI has not broken the issue price, the trading volume and price soared after the airdrop, and the popularity and price collapsed rapidly after the fair minting was enabled. In addition, the previous airdrop rules were opaque and there was huge room for manipulation. Many community members also complained that they had subscribed but did not receive the airdrop, which inevitably makes people wonder whether there are human factors behind it.

Although the PVP level of Bitcoin’s new IPOs is not as high as Solana Meme, the number of participants and the amount of funds are also far less than Solana Meme. Therefore, there is a unique on-chain arbitrage type of new IPOs. When a project is minted, its life cycle is over. Bitcoin’s new IPOs have always pursued fairness. Excessive reservations by project parties and teams will be regarded as negative. However, as the PVP level deepens and no external funds are injected for a long time, people’s concern for fair minting has increased.TokenAnd the attention paid to communities built purely on consensus has decreased a lot.

As a result, they turned their funds and attention to assets issued by individuals or leading communities with certain halos, expecting that these assets would bring wealth opportunities under their influence, but in most cases they themselves became the targets of harvesting.

After the minting of MEMENTO•MORI began, Casey once again issued a disclaimer on the X platform, emphasizing that MEMENTO•MORI has no value and is just a "junk coin."

Casey mentioned MEMENTO•MORI in his podcast, saying it is related to death, mainly reminding people to cherish the brevity of life and think about the inevitable death. This is indeed a very good implication, but most players pay attention to MEMENTO•MORI more because it has the "Casey aura". Maybe this rune is really an experiment or a game for him rather than a conspiracy, but for most players, it is still just a target that they once loved.

The article comes from the Internet:The price was cut in half after the forging was launched. Is the new rune of the founder of Ordinals a conspiracy?

Related recommendations: Will the market reverse? Check out 7 Bitcoin bottom-picking indicators

Judging the Bitcoin price position from 7 perspectives. Written by: Biteye core contributor Viee Edited by: Biteye core contributor Crush What stage is the market in? Is the market bullish or bearish? Can you still buy at the bottom? The price has fallen to a panic, is the bull market still there? In order to better analyze the current trend, Biteye has sorted out 7...