Original author: Jaleel, BlockBeats
The two most popular meme assets in the Bitcoin ecosystem recently are DOG and Pizza.
As Bitcoin rose to $71,000 again, the market conditions have improved significantly, and the Bitcoin ecosystem has become active again. Since June, the Gas on the Bitcoin chain has increased significantly.
The overall market value of the Runes ecosystem has doubled from US$1 billion to US$2 billion. At present, there is no doubt that Longyi Asset DOG•GO•TO•THE•MOON (hereinafter referred to as Dog) has been breaking new highs. Dog was once airdropped because of holding runes, and each airdrop is worth more than US$8,000.
Looking at BRC20, although there is no amazing rise of Dog, Ordi and Sats have also risen to varying degrees. At the same time, popular assets such as Pizza have also appeared in the five-character characters. Unisat will complete the airdrop within 48 hours.
This means that the Bitcoin ecosystem will begin a "reshuffle", and it is visibly seen that dogs and pizza are sweeping Bitcoin.
The most popular inscriptions in the past six months
"I already have nearly 10 Pizza OTC trading groups on WeChat," BlockBeats learned from friends around him.
On May 22, the 14th Bitcoin Pizza Day in the cryptocurrency circle, Unisat announced that it will airdrop the "Pizza" inscription to eligible user wallets. According to the claim page, addresses that have interacted with Unisat services within 3 months, addresses holding more than 500 Unisat points, addresses that have interacted in the brc 20-swap module, and Unisat OG Pass holders can all obtain the inscription.
According to the latest news, all Pizzas have been engraved and are being distributed. As of the time of writing, according to the OKX Web3 wallet, the floor price of Pizza is $4.17.
Recalling the early days of Bitcoin inscriptions in 2023, the infrastructure has always been in a backward state. Except for the early Unisat, the community can only find OTC over-the-counter traders if they want to trade inscriptions.
Today, the infrastructure has been greatly improved. Except for a few assets that have not been airdropped and require double collateralization in the OTC market, most assets can be traded in the market. For some investors who participate in the OTC market, observing the price trend and OTC trading volume of OTC traders is also a yardstick for judging the market heat of assets.
"I have been working in the OTC market for half a year, and now the transaction volume of Pizza has exceeded any previous inscription project I have worked on, and it is several times or even dozens of times higher." Xiao Zhi told BlockBeats.
As the Chinese saying goes, "A duck knows first when the river water warms in spring." OTC traders are like those who have a God's perspective. They can see almost all the buy and sell orders in the market, and their perception of the market is both quick and deep.
"I have a very deep impression that on May 26, the off-site sales volume of my Pizza store exceeded $100,000," Xiaozhi recalled.
But there is only one piece of the pie, and if one company eats it, others will not be able to eat it. The situation of "peers reporting WeChat" is a ruthless move that "cannot be avoided" in the OTC market. On the morning of May 27, Xiaozhi's several WeChat accounts and WeChat groups were blocked, and the trading orders flowed to multiple OTCs. "After that day, the trading volume of other companies suddenly increased sharply. I have confirmed this."
We speculate that after a week of fermentation, the total daily trading volume of multiple OTC exchanges in the market should be able to reach US$200,000.
“I don’t know whether this thing can replicate ORDI, but I am sure that the buyers and orders on my side have been rising. The price has risen from $0.3 per unit to the current highest transaction price of $3.8.”
Is this a conspiracy by the banker?
The preparations have been made for a long time and a lot of investment has been made. Is the Pizza inscription a conspiracy of Unisat?
The Pizza inscription was minted on March 31, but the public only became familiar with it around May 20. "It has been operating for such a long time, there must be a promoter behind it. No matter if it is a trader or a project owner, everyone comes to the cryptocurrency circle to make money, not to do charity," Xiao Zhi said.
In addition, according to Pan Pan, the creator of the BRC 20 Chinese community, on social media, the cost of Pizza's airdrop is about 2 million US dollars.
This amount far exceeds the airdrop cost of the Rune Stone, and has become the basis for some users to support the view that "there is a dealer behind Pizza."
Sats, once the second largest blockchain in the Bitcoin ecosystem, is believed by many to have the support of the Unisat team. With their participation, Sats was able to stir up some waves even when Ordi was firmly in the top position in the market. Many Sats community members even challenged Ordi directly, saying that Sats was the number one blockchain in the Bitcoin ecosystem.
"All the financial operating logic of Web2 is directly copied to web3. Traditional traders hold a morning meeting every day. The content of this morning meeting includes what range the stock price should be controlled to fluctuate within today, whether to pull the market, and where the highest price, lowest price and closing price are set. They have very strong control capabilities." Before doing OTC, Xiaozhi also had some background in traditional finance.
“So it’s the same with Web3. Every step is carefully planned and calculated, just like Fan Xian in Joy of Life. Every move he makes is closely linked and carefully planned.”
In addition, to some extent, the narrative space of Pizza is much larger than that of Sats. Xiaozhi also agrees with this point. The most powerful thing about Pizza is its narrative ability, which can leave room for imagination. "The first transaction of Bitcoin was to buy pizza. This is a story that can't be over-told, and the annual Pizza Festival has also been fixed."
"Issuing Coins" - Unisat's Solution
If some communities believe that Pizza is a conspiracy by Unisat, then judging from the data, this is more like Unisat's helpless way out, because Unisat's current situation is indeed not optimistic.
Data source: GeniiData
According to the latest Order Book function data from GeniiData, in terms of the percentage of pending orders on Rune DOG, the Magic Eden market accounts for 53.81%, the OKX Web3 wallet market accounts for 37.75%, and the Unisat market accounts for only 8.44%.
Judging from the Runes market trading volume, Magic Eden's trading volume in the past 24 hours has been nearly ten times that of Unisat.
Data source: GeniiData
In the opinion of Coco, the founder of GeniiData, Pizza can help Unisat gain more attention. In the current highly competitive market environment, this is the fastest way to gain market attention.
She believes that Unisat has a strong user base and Unisat will not leave the BTC ecosystem in the short term. It certainly hopes to continue to develop with these user groups, so Unisat founder Lorenzo must have his own considerations and plans.
“Therefore, the Pizza project must have its operational purpose. At the same time, in turn, Unisat will provide more value to users, and the price of related assets will naturally get better and better, Coco explained.
At the same time, combined with the latest news, Gate will launch the BRC 20 token PIZZA, which seems to confirm Unisat’s long-term layout.
Of course, some community members are skeptical about the future trend of Pizza. Some senior OTC traders believe that the trading market is no longer the same as it was in the early days.
"What was the situation like in the previous waves of Mingwen's market? I really had the will but not the ability. Now, I can handle it alone. Mingwen has gone through the stage of flourishing everywhere." An anonymous OTC trader told BlockBeats.
Therefore, in the eyes of another part of the public and OTC traders, the reference value of OTC trading volume is limited, and what is important is the opening situation.
They believe that Pizza’s trend will be a one-wave trend. “It will crash at the opening, and then the market makers may buy and pull up the price, but the final outcome should be a one-wave trend. Because the Unisat team is still in China and will not promote it on a large scale, based on this point, we can basically predict the outcome of Pizza.”
“I always feel that Pizza is benchmarking Sats, but we can only say that after it is listed on the trading platform.” The anonymous OTC trader analyzed: “Of course, if Pizza can be listed on Binance, that would be another matter, but I don’t think Binance has any reason to list Pizza.”
Dog is going to jail?
In the cryptocurrency world, we often say “To the moon” and “Still early” to express our bullishness on a certain coin, but in fact, another way of saying this is “Will be listed on Binance”.
"Dog is going to be listed" has almost become the most popular phrase in the Bitcoin community recently. It seems that everyone believes that Dog will be listed. Before talking about this possibility, we still need to understand some more macro content, such as the current overall trend of runes and BRC 20.
Are runes going to "kill" BRC 20?
First of all, the overall market value of Runes is close to that of BRC 20. The market value of Runes is 220 million, while that of BRC 20 is 269 million. In terms of the number of holders, BRC 20 has 650,000 holders, while Runes has about 570,000 holders.
Data source: GeniiData
In the distribution of Bitcoin transactions in the past 24 hours, Runes transactions accounted for 63.99%, Ordinals transactions accounted for 28.24%, and other transactions accounted for 7.77%. Obviously, Runes have taken a dominant position.
Currently, the total minting fee of Runes is 1,832 BTC, the total minting amount is 16,973,200, the total number of minters is 318,796, and the total number of holders is 579,417. These data demonstrate Runes' significant transaction volume and participation in the Bitcoin ecosystem, indicating that Runes has gained a large number of users and transaction activity in the recent past. No matter from the perspective of data, time, development speed or tools, Runes is in its "prime" stage.
Data source: Geniidata
So will Runes make BRC 20 disappear completely? In the article "From BRC 20 to Runes, Bitcoin's Casino Migration", we have already discussed some related content. For example, the existing top BRC 20 currencies such as Ordi and Sats will not have much impact, but for small and medium-sized BRC 20 currencies, Runes will definitely have a greater impact on them.
During the communication with Geniidata, Coco also expressed his views from his own perspective: "There is a cyclical problem in the cryptocurrency circle. Each new protocol or project has its own unique life cycle, which may be divided into several stages."
In her opinion, the current trend is indeed not on BRC 20, but this does not mean that BRC 20 has no user base. From the perspective of infrastructure and market attention, BRC 20 still has its place. Founder Domo has not completely withdrawn from the market, but continues to invest and build Ordinal-related infrastructure and applications.
"The cryptocurrency world is an attention economy. As long as there is attention, there will be capital flow and market enthusiasm. Runes is now at the forefront of the trend, and it is indeed difficult to be surpassed by other projects. But this does not mean that other projects have no chance. The future trend of the BTC ecosystem and the richness of Layer 2 will remain high, so I don’t think BRC 20 has no market at all." Coco said.
Shanghai Stock Exchange, the "moon" of all communities
Let’s go back to the previous question. Can Dog really be listed?
According to the data, Dog’s current market value has reached 900 million, which is close to exceeding Ordi’s current market value of 1.1 billion US dollars. Before being listed on Binance, it was already quite outstanding to reach this market value. It is no wonder that the market and the community have strong expectations for Dog to be listed on Binance.
Leonidas submits listing application to Binance
“Regarding listing, it can be made clear that there are many standards for listing, but they must include the influence and user volume of Tick itself, and some exchanges will pay attention after its liquidity reaches a certain level,” said Coco.
DOG has a strong out-of-circle effect. It is not only widely spread in the currency circle, but also has attracted a lot of attention through platforms such as TikTok and YouTube. From this perspective, the possibility of listing is indeed not impossible, but ultimately it depends on the considerations of the trading platform.
Although many native Bitcoin users believe that the Dog meme does not have the cultural attributes of Bitcoin like Pizza, Xiao Zhi believes that this is the key to Dog's success. "The value of the three letters DOG is very high."
"Many projects rely on the people behind them and the star effect." Xiaozhi said: "From the time Musk sent a tweet, Dogecoin (DOGE) took off, to when Shen Teng mentioned Dog King on the Spring Festival Gala, Another blast. Now, the DOG meme has proven its strength in the currency circle for so many years.”
In Coco's opinion, Runes' publicity work is also very good, and it frequently participates in various activities, including cross-border activities. Leonidas' "24-hour surfing speed" is also one of the keys to Dog's success. He frequently interacts on Twitter every day. And most importantly, from the early airdrop concept, Runes is in line with the Ordinal culture and the original spirit of the Bitcoin ecosystem. Most of their airdrop addresses are active addresses that are accurately delivered, capturing key players in the currency circle.
“This is very important. Many things in the cryptocurrency world do not need to cover everyone. As long as you capture a small group of key players, you can have a huge impact,” said Coco.
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