Binance's new star OMNI was cut in half as soon as it went online. Bitcoin is about to be halved. Can the inscription ecosystem take advantage of the situation to rise?
New coins and sub-new coins fell across the board, and OMNI fell nearly 50% from its listing high
BlockBeats news, on April 18, according to market information, with the decline of Bitcoin, new coins and sub-new coins fell across the board, among which: OMNI is currently quoted at US$27.14, down 49.6% from its listing high; SAGA is currently quoted at US$3.46, with a 24-hour drop of 14.2%, down 54.5% from its listing high; PRCL is currently quoted at US$0.473, with a 24-hour drop of 13.3%, down 30.4% from its listing high; W is currently quoted at US$0.566, with a 24-hour drop of 7.95%, and wuq6267 is down 65.8% from its listing high.
The Bitcoin halving itself did not trigger the previous bull market. Macro factors may have played a role. This halving alone should not be expected to have an impact on price increases.
"Historically, the first three halvings were accompanied by a rise in BTC prices after the halving, but the time it took for BTC to reach its historical highs varied greatly.
People should be cautious in predicting the impact of halvings on Bitcoin prices in the current cycle and in the past. Because in each cycle, there were other catalysts for BTC's rise in addition to halving.
Because the macroeconomic environment during the past halving period is completely different from today's high inflation and high interest rates.
In other words, in order for Bitcoin to repeat history, macro conditions must also support Bitcoin's risk-taking.
But this is not the case today: interest rates in the United States, the world's largest economy, have exceeded 5%, and given high inflation and a resilient economy, the market has recently digested the hope of a rate cut this year."
Can the inscription ecosystem reproduce its glory?
According to the data provided by Google and Dune, the overall popularity of inscriptions is currently on a downward trend, and at least in the short term, data growth is slightly sluggish.
Although the current Bitcoin inscription track is relatively sluggish. But there are still some old-fashioned projects that are steadily growing, and ORDI is a typical representative of them.
Unlike Ethereum's ERC-20 token standard, Bitcoin does not support smart contracts, and BRC-20 is not a smart contract token. There is no technology behind the token, no project party, no actual project support, and no application scenarios. The rise and fall of the currency price depends entirely on community consensus and market popularity.In other words, ORDI is a pure meme. Because of this, some people are critical of the Ordinals protocol, believing that a large amount of inscription information being written into the blockchain will lead to higher network transaction fees, thus affecting ordinary users. In addition, the rapid growth of transaction information will also increase the hard disk size of the blockchain node, increase the hardware requirements for running Bitcoin nodes, and then affect the number of running full nodes, damaging decentralization.
However, the positive impact of ORDI is real. The emergence of the Ordinals protocol has increased the transaction fees obtained by Bitcoin miners. How important is the transaction fee income? It will fill the security budget of the Bitcoin network after the Bitcoin halving and the continuous reduction of rewards in the future. Secondly, the increase in miners' income will attract more miners to join and expand the overall computing power and security of Bitcoin.
In essence, meme coins have no real use. But a successful meme coin can meet a real and huge demand of users in the cryptocurrency market-creating a speculative target that is full of imagination and fair enough.
Not every meme token is full of infinite imagination, and not every meme gives speculators a fair chance to gamble, but it is obvious that ORDI has this strength.
