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- ExtraOrdinal Daily #114 | The REAL Reason Why Bitcoin Memecoins Are Suffering
ExtraOrdinal Daily #114 | The REAL Reason Why Bitcoin Memecoins Are Suffering
XO Media | ExtraOrdinal Daily
February 04, 2025
4th Feb 2025 ||| Issue #114
ExtraOrdinals Daily Alpha is brought to you by @ExtraOrdinalsBTC.
All your Ordinal needs in one place!
Table of Contents
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Todays Top Stories
Editor: @PhoenixxDown
Bitcoin Has An On/Off Ramp Issue
A full 24hrs after Issue #113 was published, amidst the worst liquidation event in crypto history, both the Mexican and Canadian Presidents have announced deals with Trump. The market has since rebounded well off this news. Hopefully, you didn’t capitulate at the bottom.
Now that things have settled, the conversation has shifted back to Bitcoin memecoins (aka Runes) and their next move.
Runes aren’t dead—they just have an onramp and UI/UX problem.
Most coins trade on CEXs—that’s just reality. If Runes could deploy on BTC with CEX onramps and DeFi-native apps like @moonshot, @SlingshotCrypto, and @defidotapp listing them, a lot of issues would be solved.… x.com/i/web/status/1…
— Yogi (@HouseofYogiX)
12:40 AM • Feb 4, 2025
One issue echoed repeatedly is the UI/UX problem, something many builders are actively addressing. But Yogi also raised another overlooked issue—the on/off-ramp problem.
Swapping into Bitcoin without using a CEX isn’t the easiest task if you’re unfamiliar. On other chains, DeBridge or wallet-integrated bridges like Rabby make it simple. But for Bitcoin? There aren’t many options.
ChangeNow.io has been the go-to, but few outside our ecosystem know about it. Just by chance, Daniel Got Hits dropped an alternative yesterday. Although, this still won’t fix the underlying issue.
these are way way way better than ChangeNow or SimpleSwap (both centralized)
@deBridgeFinance - swap from basically any chain to any chain, has basically every popular L1/L2 (EXCEPT bitcoin) - no KYC no anything. fast af
@Chainflip - swap to from Bitcoin from ETH or SOL. clutch
— DANIEL GOT HITS (@danielgothits)
8:06 PM • Feb 3, 2025
Do BTC Memecoins Need CEX Listings?
Now that Slingshot, Moonshot, and Hyperliquid have turned their focus to Bitcoin memecoins, does a Binance or Coinbase listing even matter anymore? Many are saying no, but this questions ties in to the on/off ramp problem, as CEXs fix this.
An interesting infographic surfaced yesterday, showing how some of the top coins fared after being listed on Binance:
The numbers speak for themselves.
What was once one of the top milestones for a successful project is now the thing that should be avoided the most.
It’s a death sentence.
— bizzy (@0xBiZzy)
12:35 PM • Feb 3, 2025
For years, Binance listings were the holy grail—a moment where retail piled in, and early adopters cashed out into a gigapump. BTC memecoin holders have been waiting for this catalyst since April of last year: “Just wait until this gets listed on Binance, bro!”
But looking at the data… do we even want that anymore?
@moonshot@SlingshotCrypto@defidotapp Fully agreed Yogi!
Runes would benefit most from Tier-1 CEX listings because their native L1 trading experience is the worst across all major protocols
Unlike on SOL, where CEX listings don't change that much in terms of UI/UX
— Doggfather (@DoggfatherCrew)
5:05 AM • Feb 4, 2025
Doggfather made a strong counterpoint to the idea that we don’t in Yogi’s thread—BTC memecoins actually would benefit from T1 CEX listings because of the same UI/UX and on/off-ramp issues mentioned earlier.
Solana coins? They don’t need Binance anymore because tools such as Moonshot and Phantom in-app purchases have made them a lot more frictionless to buy.
But for $DOG, $PUPS, and $BDC, a Binance listing could look very different than for Moo Deng, Zerebro, or Goat—who all tanked post-listing.
So maybe the old playbook is outdated, but for Bitcoin memecoins, a major CEX listing still matters.
Top Posts | What Happened To $ME?
$ME got slaughtered brutally, not gonna lie.
Down 88%.
Here’s why it dumped 🧵
(And how it can recover)— peddy (@peddyalpha)
8:15 AM • Feb 4, 2025
Top Posts | There’s Still Hope For February
February has been real bullish for Bitcoin over the years🌹
— Bito Ordileone 🌹 (@bitoordileone)
5:40 PM • Feb 3, 2025
Top Posts | Would This Work For Bitcoin Memecoins?
$40 million sent to a presale for an unfunny boomer memecoin on Solana.
Runes on OdinFun having trouble staying above $200k MC.
Maybe it’s time for someone to do a presale on Bitcoin, fund a Hyperliquid listing, and run a coin like the crypto cabals demand.
PVE moment.
— businessman.eth (@businessmaneth)
4:42 AM • Feb 4, 2025
Top Posts | Yesterday Was FAR WORSE Than Originally Thought
I am afraid that today real total liquidation is a lot more than $2B, by my estimation it should be at least around $8-10b. FYI, Bybit 24hr liquidation alone was $2.1B, As you can see in below screenshot, Bybit 24hr liquidations recorded on Coinglass was around $333m, however,… x.com/i/web/status/1…
— Ben Zhou (@benbybit)
12:35 PM • Feb 3, 2025
Top Posts | Have You Got Any of the Odin Achievements Yet?
Any Level 1 or Level 2 Odin users out there?? Anyone leveled up in Odin?
(you can see 'Achievements' in the profile view)
— Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽♂️ (@BobBodily)
5:51 AM • Feb 4, 2025
Top Posts | Testnet4 Is Now Live on Xverse
Testnet4 is now supported on Xverse! 🚀
Why care?
• Enhanced stability with predictable block times ⏳
• Seamless BRC-20 & Runes tracking 📊
• All the cool devs are already here 🛠️Stay ahead, anon—start testing now!
— Xverse - Bitcoin Wallet for everyone (@XverseApp)
4:30 AM • Feb 4, 2025
Daily Bites: Today’s Top Articles
Todays Markets
Catch up with Landy in yesterday’s Macro Monday:
Macro Monday: Bitcoin OI Flush - Price Dives To Demand & Scars New Traders 02/03/2025
— Landy (@CryptoLandy)
12:50 AM • Feb 4, 2025
Ordinals
It looks like yesterday may have marked the low we were searching for, as Ordinals have rebounded well since. Bitcoin Puppets, which hit 0.057 BTC in yesterday’s edition, could soon look like an insane buy. Did you catch it?
It’s bullish to see Bitcoin Shrooms in the top 5, even if it was just a single sale—that was all it took. Not sure if that says more about Shrooms positively or the lack of volume in Ordinals negatively, but either way, when someone drops $70,000 on a Bitcoin artifact, it’s a sign we’re not dead.
In the bottom half, PoorTraits continue marching on, now up almost 50% on the day. Runestone has cemented its position as a top 10 staple, climbing 4% since yesterday.
NatCats and Based Angels, two other regulars, also saw nice gains as buyers pounced on the cheap deals from yesterday’s dip.
Runes (Bitcoin Memecoins)
Ordinals and Runes are constantly flitting between dominance, and today belongs to Ordinals, as Runes stagnate. The top 5 leaves little to comment on—still way under ATHs, with not much movement in either direction.
$RSIC remains under 1 sat—will confidence return as we approach the next phase of the project in March?
$FEHU appears in the top 10 for the first time in a while, despite no fresh news. Perhaps someone bought in based on its historical significance as the first-ever inscribed Rune. Will anything ever happen with FEHU, or are holders Fehu-cked?
Over on OdinFun, two new tokens ascended yesterday: $SNORKY and $SPARKS, bringing the total to 12.
OdinDog remains the clear leader on the platform with a $1.6M market cap, while the rest trail by a large margin—Snorky sits in second place with just $235K.
Todays Opportunities
Giveaways
There are currently no raffles taking place today, but check back tomorrow for what’s next so you don’t miss out.
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