Tens of thousands of times PEPE and ORDI, the strongest assets on earth this year
Written by: Kaori,BlockBeats
Among technology and Internet assets, the most widely circulated in the market are undoubtedly investment myths such as Nvidia, Luckin Coffee, and Pinduoduo. The doubling of the prices of these leading stocks with huge market capitalization is enough to make those big capital players call off their operations.
But from the perspective of ordinary people, the strongest asset this year is still the most explosive Crypto. In 2023, which is generally recognized as a bear market, the two meme coins PEPE and ORDI increased by 375,000 times and nearly 20,000 times respectively, shocking the industry.
The meme coin project iscryptocurrencyThe "wealth code" with the greatest opportunities for ordinary investors in the field, because there is never a lack of new things here. Compared with other commercial encryption projects such as DeFi,web3Unlike Game, Meme seems to have no business model, but its business model and PMF (Product Market Fit, products that match user needs) are very clear, namely: to provide a speculative medium with great imagination for the general public crypto investors.
The so-called "providing for the general public" means that the concept of Meme is simple and fresh, and its concept is either weird or conflicting, so it is easier to capture the public's attention in the massive amount of information. The so-called "highly imaginative space" means that they have no actual business as the gravity of the currency price, and the valuation of the word "consensus" alone can be sky-high.
Even serious crypto practitioners cannot deny that “speculationmake money" is an important or even the first driving force in the crypto world, and the endless stream of meme projects are PMFs that respond to such needs.
PEPE, the inheritor of meme culture
The success of the "dog" meme coin has made the market realize that memes arecryptocurrencyIn the field ofCommunity"Preaching" and sharing a certain subculture can generate tremendous power. After a round of bear market, meme coins such as Shib and Doge not only survived, but also performed even better than some so-called value investment projects.
If you are a traditional investor, whether it is value investing or short-term trading, you will definitely study all aspects of asset issuance when choosing investment targets for safety. But meme coins will not give you this time, it relies on emotions and marketing.
PEPE is a popular meme on the Internet for many years. It is inspired by the classic meme "Pepe the Frog" in Matt Furie's "Boy's Club" cartoon. It became popular on cultural forums such as Myspace, Gaia Online and 4chan in 2008, and became one of the most popular Internet memes on the social platform Tumblr in 2015.
Crypto has no shortage of hype about this sad frog, fromTokenFrom 2023 PEPE, the value of this meme has reached a climax.
The PEPE official X account published its first tweet on April 5, and PEPE trading was launched on April 15. The initial price of PEPE was about $0.000000001, and the total supply was 420.69 trillion.
PEPE claims to be "the most popular meme coin in existence. Dogecoin is outdated, it's time for PEPE to dominate." The two numbers "420" and "69" in its supply of 420.69 trillion are also meme numbers with subcultural attributes. It can be said that the popularity of PEPE is inseparable from the cultural foreshadowing of the "Sad Frog" emoticon package and the wealth imagination brought to this market by many previous meme coin projects.
PEPE's early price movement was driven by frog-themed memes shared by the founding team and fans on social media. It was not until May 6 that Binance launched PEPE in the Innovation Zone, and then Binance launched PEPE 1-20x U-based perpetualcontract, PEPE prices hit new highs at that time.
The market was on the rise at the time, and Bitcoin had doubled from the bottom of the plunge. Cryptocurrency players saw the US stock market AI, and the skyrocketing price of chips made them extremely jealous, and they urgently needed a target to vent their long-suppressed emotions. Combined with the Binance effect, PEPE's performance in the first half of this year was unparalleled.
Just one month after its inception in late April, PEPE’s market cap has reached a staggering $1.5 billion, with 24-hour trading volume exceeding $1.7 billion at its peak. This volume compares favorably with the Bitcoin spot trading volume of some of the largest centralized exchanges during the same period. PEPE may be the first to rival Bitcoin’s trading volume in a bear market.
PEPE price chart; Source: CoinGecko
ORDI, the dragon head with inscriptions in a meme costume
Unlike PEPE, which placed itself on the meme culture track from the beginning, ORDI, the inscription of the Bitcoin ecosystem, chose a more hidden meme path to ascend to the throne of wealth effect.
The story of ORDI begins in December 2022. Casey, a Bitcoin ecosystem developer, launched the Ordinals protocol, and the crypto market began to conduct asset experiments on Bitcoin.
On March 8, 2023, an anonymous developer named @domodata launched the BRC-20 inscription protocol based on the Ordinals protocol and deployed an experimentToken $ORDI. On March 9, ORDI was minted. The cost of minting one coin was about 2-3 US dollars. There were 1,000 ORDI coins in one coin, which means that the unit price of ORDI was 0.003 US dollars at that time.
The current price of ORDI is 54 US dollars. In 9 months, it has increased from 0.003 to 54, nearly 20,000 times.
ORDI 7-day price chart; Source: CoinGecko
A year later, looking back now, perhaps ORDI is the most successful product in this Bitcoin experiment, but ORDI's price flywheel did not take off at the beginning.
Bitcoin has long been used only for storage and transfer. When people began to build an ecosystem and experience applications, they found that compared with the mature DeFi and NFT fields of Ethereum, the Bitcoin ecosystem is still not very friendly to ordinary crypto users. At that time, the price of Bitcoin did not give people confidence.Xiaobai NavigationApart from the players in the Bitcoin ecosystem, no ordinary investor would believe that inscription projects such as ORDI can really succeed.
On March 23, UniSat was launched on the BRC-20 trading market, and the price of ORDI rose to $0.3. Subsequently, UniSat closed the trading market due to the double-spending problem. A month later, UniSat was launched on the BRC-20 trading market again, only open to some users, and the price of ORDI rose to $1.
People are gradually aware of the future prospects of BRC-20, a new asset issuance method. For new things, people in the cryptocurrency circle are always willing to invest their energy in the front line of research, and have attracted a lot of funds to enter the market based on the consensus of the fair lunch.
With the entry of mainstream trading platforms, the first wave of ORDI's outbreak gradually laid the seeds. On April 27, OKX launched a vote on whether to support BRC-20, and users received the expectation that BRC-20 would be listed on OKX.
On May 8, gate launched ORDI, and the price once exceeded $20, setting a record high. On that day, BTC on-chain fees accounted for 43.7% of miners' total income. However, with the market crash and the downturn of the entire market, the price of ORDI continued to fall to around $7.5. On May 20, OKX and Huobi launched ORDI, but as BTC fell to $25,000 and the market continued to be sluggish, ORDI also fell to $5, followed by a continuous decline in the price of ORDI for more than 4 months.
During this period, the Bitcoin ecosystem has not made any significant progress or breakthroughs, and most people in the market have become skeptical of the Bitcoin inscription that was just a little popular a few months ago. In September, some users had problems withdrawing ORDI from OKX, and the market was dissatisfied. It was not until October 18 that UniSat released BRC-20-swap, and the price of ORDI began to pick up again.
Since then, the Bitcoin ecosystem has exploded, and the narrative and emotions have reached unprecedented heat. On November 7, Binance announced the launch of ORDI, and its price rose from $7.4 to $13.5; as the price of BTC rose, the price of ORDI rose all the way to $20. At the beginning of December, the price of ORDI rose from $21.7 to $32; on December 5, ORDI broke through $50, reaching a record high of $54.
In the past 270 days, the price of ORDI has risen from $0.003 to $54. It is not an exaggeration to call it the first coin in 2023. However, in this process, ORDI has experienced a lot of doubts, from being incomprehensible and looked down upon at the beginning to being the price leader in the BTC ecosystem today. Even Casey, the founder of the Ordinals protocol, expressed his feelings about BRC-20 to the market when ORDI was launched on Binance.
从 PEPE 到 ORDI，可以看出 Binance 仍是最被市场认可的资产发行平台，上线 Binance 俨然成为一个代币能否获得价格泵的关键，而这也是 meme 项目最喜闻乐见的营销方式。「我有什么不重要，我在哪比较重要」，一如狗狗币登上月球给代币带来更进一步的价格上涨预期。
Even in the eyes of speculators, Crypto itself is a huge meme, and ordinary people still have opportunities to make money here. Compared with logical investment targets such as Nvidia and Pinduoduo, meme coins are still the most explosive wealth opportunity for ordinary people.
In the crypto market, the premise of buying any token is that someone wants to buy it from you at a higher price (in the future). This is especially true for meme coins, but they rely more on psychological drivers than fundamentals. This is called the "Castle-in-the-Air Theory" in economics, which refers to focusing on the psychological value of an asset and emphasizing the impact of mass psychology on asset prices. That is, "investors try to build a castle in the air and consider possible future price increases instead of estimating its intrinsic value."
The article comes from the Internet:Tens of thousands of times PEPE and ORDI, the strongest assets on earth this year
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