Author: Jaleel, BlockBeats
In the recent Bitcoin ecosystem, two meme assets have been gaining a lot of attention, namely DOG and Pizza.
With Bitcoin once again rising to $71,000, the market sentiment has noticeably improved, and the Bitcoin ecosystem has become more active. Starting in June, on-chain Gas fees for Bitcoin have seen a significant increase.
The overall market value of the Runes ecosystem has doubled, rising from one billion dollars to two billion dollars. The unquestionably popular asset, DOG•GO•TO•THE•MOON (referred to as Dog), has been consistently hitting new highs. Each airdrop of Dog, which was previously distributed to owners of the runes, is now valued at over $8,000.
Looking at the BRC20 tokens, while not experiencing the same remarkable increase as Dog, Ordi and Sats have also seen varying degrees of growth. Additionally, popular assets like Pizza have emerged within the five-character token segment, with Unisat set to complete an airdrop within 48 hours.
This signals the beginning of a “reshuffling” in the Bitcoin ecosystem, visibly dominated by dogs and pizzas.
The hottest inscriptions in the past six months
“I already have nearly 10 off-exchange trading groups for Pizza on WeChat,” a friend told BlockBeats.
On May 22nd, the fourteenth Bitcoin Pizza Day in the cryptocurrency world, Unisat announced an airdrop of the “Pizza” inscription to eligible user wallets. According to the application page, addresses that have interacted with Unisat services within the last three months, hold over 500 Unisat points, have interacted within the brc 20-swap module, and Unisat OG Pass holders are all eligible to receive this inscription.
As of the latest information available, all Pizza inscriptions have been completed and are being distributed. At the time of writing, according to the OKX Web3 wallet, the floor price of Pizza is $4.17.
Recalling the early days of the Bitcoin inscriptions in 2023, the infrastructure was lagging behind. Except for Unisat, the community had to rely on over-the-counter (OTC) traders for inscription transactions.
Today, the infrastructure has improved significantly, and most assets can be traded on the market. For some OTC investors, observing the price trends and trading volume of OTC traders is crucial to gauge the popularity of an asset.
“I’ve been in the OTC market for six months now, and the trading volume for Pizza has already exceeded any other inscription project I’ve been involved in, by several times or even tens of times,” said Xiao Zhi to BlockBeats.
As the saying goes, “The warm spring waters predict the arrival of ducks,” OTC traders have an almost divine perspective, being able to see almost all buy and sell orders on the market. Xiao Zhi recalled, “On May 26th, my OTC trading volume for Pizza exceeded $100,000.”
However, there is only one piece of the pie, and once one player finishes, others miss out. The situation of “reporting competitors on WeChat” is an unavoidable tactic in the OTC trading market. On May 27th, Xiao Zhi’s several WeChat accounts and groups were blocked, and the trading orders shifted to multiple other OTC traders. “After that day, the trading volume of other traders instantly surged, which I personally confirmed.”
We estimate that after a week of heat fermentation, the total daily trading volume of various OTC traders in the market should reach around $200,000.
“Whether this thing can replicate ORDI, I don’t know, but what I can be sure of is that my buyers and sellers are constantly increasing, with prices rising from $0.3 per unit to the highest price of $3.8,” Xiao Zhi analyzed.
A “conspiracy” by the market makers?
After much preparation and investment, is the Pizza inscription part of Unisat’s conspiracy?
The Pizza inscription was minted on March 31st, but it wasn’t until around May 20th that the public became aware of it. “With such a long period of operation in between, there must be promoters behind the scenes collaborating. Whether they are traders or project teams, everyone in the cryptocurrency world is here to make money, not to do charity,” Xiao Zhi remarked.
Additionally, according to Pan Pan, the creator of the BRC20 Chinese community, the airdrop cost of Pizza is approximately $2 million. This amount far exceeds the airdrop cost of the runes and serves as a basis for some users supporting the idea that there are market makers behind Pizza.
In the past, the second dragon of the Bitcoin ecosystem, Sats, was believed by many to have significant support from the Unisat team. With their involvement, even when Ordi was firmly in the number one spot in the market, Sats managed to make waves, with many community members directly challenging Ordi, claiming that Sats was the true dragon of the Bitcoin ecosystem.
“All of the financial logic from Web2 has been directly copied to Web3. Traditional traders hold morning meetings every day, discussing what range the stock price should fluctuate within, whether to manipulate the stock price, and where to set the highest, lowest, and closing prices. They have strong market manipulation capabilities. Before doing OTC, I also had some background in traditional finance,” Xiao Zhi shared.
“So, Web3 is no different. Every step is carefully planned and calculated, just like Fan Xian in the novel ‘Joy of Life,’ where each action is meticulously planned. Furthermore, from a certain perspective, Pizza’s narrative space is much larger than Sats’. Xiao Zhi also agrees with this point, stating that Pizza’s strength lies in its narrative ability, allowing people to imagine freely. “Bitcoin’s first transaction was to buy pizza, and this is an evergreen story, with the pizza festival now becoming an annual tradition.”
“Issuing coins,” Unisat’s breakthrough
If some community members believe that Pizza is part of Unisat’s conspiracy, then from a data perspective, it seems more like Unisat’s desperate breakthrough, as the current situation of Unisat is indeed not optimistic.
According to the latest data from GeniiData’s Order Book feature, Magic Eden holds 53.81% of the order percentage in the Runes DOG market, OKX Web3 Wallet holds 37.75%, while Unisat only holds 8.44%.
In terms of trading volume in the Runes market, Magic Eden’s volume in the past 24 hours is nearly ten times that of Unisat.
During the discussion with GeniiData, Coco also expressed her opinion from her perspective: “The cryptocurrency world has a cyclical problem. Each new protocol or project has its unique life cycle, which may be divided into several stages.”
In her view, the current trend is not in favor of BRC20, but this does not mean that BRC20 has lost its user base. From the perspective of infrastructure and market attention, BRC20 still has its place. Founder Domo has not completely left the market but continues to invest in and develop infrastructure and applications related to Ordinal.
“The cryptocurrency world is an attention economy. As long as there is attention, there will be capital flow and market heat. Currently, Runes are at the forefront, making it challenging for other projects to surpass. However, this does not mean that other projects have no chance. The future trend of the BTC ecosystem and the richness of Layer 2 are still high, so I do not believe that BRC20 has no market at all,” Coco explained.
Listing, the “moon” for all communities
Returning to the previous question, can Dog be listed on a major exchange?
From the data perspective, Dog’s current market value has reached $900 million, nearly surpassing Ordi’s current $1.1 billion market value. Achieving this market value before being listed on Binance is quite remarkable, and it’s no wonder that the market and community have high expectations for Dog to be listed on Binance.
Regarding listing, Coco stated, “The listing standards are diverse, but they definitely include the influence and user base of the token, as well as a certain level of liquidity. Once the liquidity reaches a certain level, some exchanges will take notice.”
DOG’s viral effect is strong, not only within the cryptocurrency community but also attracting attention from platforms like TikTok and YouTube. From this perspective, the possibility of listing is not out of reach. However, it ultimately depends on the considerations of the trading platform.
Although many native Bitcoin users do not see Dog as having the same cultural significance as Pizza, Xiao Zhi believes that this is precisely why Dog can break through. “The value of the three letters in DOG is very high.”
“Many projects are recognized by the people behind them, the celebrity effect. From Musk tweeting about Dogecoin causing it to skyrocket, to Shen Teng mentioning the ‘Dog King’ on the Spring Festival Gala, which also caused a stir. Now, the meme DOG has proven its strength over the years in the cryptocurrency world,” Xiao Zhi explained.
In Coco’s view, Runes’ marketing efforts are also very effective, participating frequently in various activities, including breaking through boundaries with cross-domain activities. Leonidas’ “24-hour surfing speed” is also a key factor in Dog’s success, interacting frequently on Twitter every day. Moreover, from the early airdrop concept, Runes aligns with the Ordinal culture, embodying the original spirit of the Bitcoin ecosystem. Their airdrop addresses are mainly active addresses, targeting key players in the cryptocurrency world.
“This is crucial. Many things in the cryptocurrency world don’t need to cover everyone, just capturing a small group of key players can have a huge impact,” Coco explained.
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