Written by: Jaleel, BlockBeats

The two hottest meme assets in the Bitcoin ecosystem recently are DOG and Pizza.

As Bitcoin has risen to $71,000 again, the market has obviously improved, 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 $1 billion to $2 billion. At present, there is no doubt that Dragon One Asset DOG•GO•TO•THE•MOON (hereinafter referred to as Dog) has been breaking new highs. Dog, who was once airdropped because of holding runes, has a value of more than $8,000 per airdrop.

Looking at BRC20 again, 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 tide". It is visible to the naked eye that dogs and pizza are sweeping Bitcoin.

The hottest inscriptions in the past six months

"I already have nearly 10 Pizza OTC trading groups in my WeChat," BlockBeats learned from friends around him.

On May 22, the 14th Bitcoin Pizza Festival in the currency 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 that hold more than 500 Unisat points, addresses that have interacted in the brc20-swap module, and Unisat OG Pass holders can all obtain the inscription.

According to the latest news, all Pizzas have been inscribed 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 Inscription in 2023, the infrastructure has been in a backward state. In addition to the earlier Unisat, the community can only find OTC over-the-counter dealers to trade inscriptions.

Today, the infrastructure has been greatly improved. Except for a few assets that have not been airdropped and require double pledges in the over-the-counter market, most assets can be traded in the market. For some investors participating in the over-the-counter market, observing the price trend and over-the-counter trading volume of over-the-counter dealers is to judge the market heat scale of assets.

"I have been doing over-the-counter for half a year, and now the trading volume of Pizza has exceeded any inscription project I have done before, and it is several times or even dozens of times." Xiao Zhi told BlockBeats.

“A duck knows first when the river water warms in spring”, OTC dealers are like having a God’s perspective, they can see almost all the buy and sell orders in the market, and their perception of the market is fast and deep.

“I have a very deep impression. On May 26, the transaction volume of my pizza OTC exceeded $100,000.” Xiao Zhi recalled.

But there is only one piece of cake. If one company eats it, other companies cannot 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, Xiao Zhi’s several WeChat accounts and WeChat groups were blocked, and the transaction orders flowed to multiple OTCs. “After that day, the transaction volume of other companies suddenly increased sharply, which I have confirmed.”

We speculate that after a week of fermentation, the total transaction volume of multiple OTCs in the market should reach $200,000 per day.

"We don't know whether this thing can copy ORDI, but one thing I can be sure of is that the buyers and orders on my side have been rushing up, and the price has risen from $0.3 to the current highest transaction price of $3.8."

Unisat "spends a lot of money" airdrop

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, and there must be promoters behind it to promote it. Whether it is traders or project parties, after all, everyone comes to the currency circle to make money, not to do charity." Xiao Zhi said.

Not only has it been laid for a long time, Unisat has also invested a lot in airdropping the Pizza inscription. According to Pan Pan, the founder of the BRC20 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 Runestone, and Unisat has also gained a lot of reputation for "no PUA" and "big picture".

Sats, once the second dragon of the Bitcoin ecosystem, many people believe that it has a lot of driving force behind the Unisat team. With their participation, even when Ordi was firmly in the first place in the market at that time, Sats was still able to stir up some waves. At that time, many Sats community members even directly challenged Ordi, saying that Sats was the first dragon of the Bitcoin ecosystem.

"All the financial operation 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 a strong ability to control the market." Before doing OTC, Xiaozhi also had some background in traditional finance.

"So Web3 is the same. Every step is carefully planned and calculated, just like Emperor Qing in "Celebrating Yu Nian". Every step of his action is closely linked and precisely laid out."

In addition, to some extent, Pizza's narrative space is much larger than 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 be told over and over again, and the annual Pizza Festival has also been fixed.”

“Issuing coins”, Unisat’s solution

If some communities believe that Pizza is a conspiracy of Unisat, then judging from the data, this is more like Unisat’s helpless solution, because Unisat’s current situation is indeed not optimistic.

Data source: GeniiData

According to the latest Order Book function data from GeniiData, in 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%.

From the perspective of Runes market trading volume, Magic Eden's trading volume in the past 24 hours has been close to ten times that of Unisat.

Data source: GeniiData

In the view of coco, the founder of GeniiData, Pizza can help Unisat gain more attention. In the current 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 will definitely 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 prices of related assets will naturally get better and better, Coco explained.

At the same time, combined with the latest news, Gate will launch the BRC20 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 with the previous few waves of inscriptions? It was really a matter of willingness but lack of strength. Now, I can handle it alone. Inscriptions have gone through the stage of blooming everywhere." An anonymous OTC trader told BlockBeats.

Therefore, in the view of another group of people and OTC traders, the reference value of OTC trading volume is limited, and what is important is the opening situation.

They believe that the trend of Pizza will be a wave, "the opening will be a crash, and then the dealer may buy and pull up the price, but the final outcome should be a wave. Because the Unisat team is still in China and will not promote it on a large scale, based on this point, the end of Pizza can basically be predicted."

"I always feel that Pizza is benchmarking Sats, but we have to wait until it is listed on the trading platform before we are qualified to say so." 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."

Is Dog going to be listed?

In the currency circle, we often say "To the moon" and "Still early" to express our bullishness on a certain currency, but in fact, another way of saying this is "It will be listed on Binance."

"Dog will be listed" has almost become the most popular sentence 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 more macro content, such as the current overall trend of runes and BRC20.

Is rune going to "kill" BRC20?

First, the overall market value of Runes is close to the overall market value of BRC20. The market value of Runes is 220 million, while that of BRC20 is 269 million. In terms of the number of holders, BRC20 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 has a dominant position.

Currently, the total Runes minting fee is 1,832 BTC, the total minting volume is 16,973,200, the total number of minters is 318,796, and the total number of holders is 579,417. These data show the significant transaction volume and participation of Runes in the Bitcoin ecosystem, indicating that Runes has gained a large number of users and transaction activities in the near future. Whether from the perspective of data, time, development speed or tools, Runes is in its "blossoming" stage.

Data source: Geniidata

Will Runes make BRC20 disappear completely? In the article From BRC20 to Runes, Bitcoin's Casino Migration, we have already discussed some related content, such as the existing head BRC20 currencies such as Ordi and Sats, which will not have much impact, but for small and medium-sized BRC20 currencies, Runes will definitely have a greater impact on them.

During the communication with Geniidata this time, Coco also expressed her views from her own perspective: "There is a cyclical problem in the currency 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 BRC20, but this does not mean that BRC20 has no user base. From the perspective of infrastructure and market attention, BRC20 still has its place. Founder Domo has not completely withdrawn from the market, but is continuing to invest and build infrastructure and applications related to Ordinal.

"The currency circle is an attention economy. As long as there is attention, there will be capital flow and market heat. Now Runes is at the cusp of the storm, and it is indeed difficult to be surpassed by other projects. But this does not mean that other projects have no chance. The trend of the BTC ecosystem and the richness of Layer 2 will remain high in the future, so I don’t think BRC20 has no market at all." Coco said.

Listing, the "moon" of all communities

Back to the question just now, can Dog really be listed?

From 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 listing on Binance, it was already quite outstanding to reach this market value, and 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 criteria for listing, but they must include the influence and number of users of tick itself, and some exchanges will pay attention to it after its liquidity reaches a certain level." Coco said.

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 it ultimately depends on the considerations of the trading platform.

Although in the eyes of many native Bitcoin users, the Dog meme does not have the cultural attributes of Bitcoin like Pizza, but Xiaozhi believes that this is the key to Dog's ability to break the circle. "The value of the three letters DOG is very high."

"Many projects recognize the people behind them, and it is a star effect." Xiaozhi said: "From Musk's tweet that Dogecoin (DOGE) will take off, to Shen Teng's mention of the dog king on the Spring Festival Gala, it will explode again. Now, the development of the DOG meme in the currency circle for so many years has proved its strength."

In Coco's view, Runes's 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 the key players in the currency circle.

"This is very important. Many things in the currency circle do not need to cover everyone. As long as you capture a small group of key head players, you can have a huge impact." Coco said.

This article would like to thank the interviewees: Xiaozhi, Coco

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