Todays Top Stories

Editor: @PhoenixxDown

It’s Going to Be a Long Day for Ethereum NFT Enjoyers.

First off, it’s all love here, we all own some ETH NFTs, but last Saturday during the Ordinals “Day of Rage,” where numerous crashouts occurred, one of the louder moments came from the likes of ZachXBT ripping into Ordinals, saying it was mostly just scammers trying to ride the next NFT wave.

That led to a pile-on from all angles, stemming from someone sadly sending their Taproot Wizard to Binance and causing quite a ruckus about it. This flagged the attention of many haters, who jumped on and attacked the protocol for being “inferior” to NFTs on other chains. We’re used to it by now. Water off a ducks back.

Well, today the tables have turned and it’s probably going to be a long day for Ethereum maxis. Not something we condone, of course; let people enjoy things, even if you don’t like it yourself. But many are now finding out throwing stones in a glass house is never a good idea.

Here’s what’s causing the stir:

Every single CloneX has lost its PFP image and has been replaced by a statement reading:

First question: what brought this on? That phrase “using Cloudflare’s basic service in this manner” is doing a lot of heavy lifting. You could joke, “Well I know the art was bad, but come on.” But jokes aside, Xeer gave his reasoning in the comments:

“Since RTFKT is now defunct, I guess nobody paid the bills for the Cloudflare servers anymore.”

Jan from Xverse replied that they should’ve inscribed to Bitcoin before shutting down. Xeer pointed out it’s far cheaper to just turn off the servers. Essentially, it’s easier to rug. No arguments there.

Udi, who got hit pretty hard in last week’s Day of Rage — especially by ZachXBT, who went in on him over the Taproot Wizards mint funds raised — fired back with a zinger of his own, mimicking Zach’s earlier criticism of Ordinals:

Drama aside, this is horrible for anyone holding CloneX. The project made $81 million from NFT sales, another $38 million from secondary royalties, and still couldn’t update the server.

That goes to show it doesn’t matter how much money a founder, (or in this case, a brand worth multi-billions!) makes from a collection, they can always flip the switch and walk away.

Sure, that risk exists on any chain, including on Bitcoin. But with Ordinals, server costs don’t need to be maintained. The image stays on Bitcoin, even if the founder rugs.

And trust me, I know. I hold a few Uncoded, and those shits still stare at me every time I open my wallet.

Runes will soon be coming to Slingshot!

Make sure to sign up via our ExtraOrdinals referral link, or QR code, found below, and be all set for when they go live!

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Todays Markets

Catch up with Landy in last night’s Wednesday Check-In:

Ordinals

For all the “I told you so” posts on the timeline, it’s probably best no one directs them to the charts for the time being.

Wait, on second thoughts, maybe it’s not a terrible idea. Now is likely as superb an entry point as any. Top collections have been holding their levels for quite a few months now — maybe it wouldn’t be a terrible idea to convert those to move over to Bitcoin NFTs now?

And if you bought high, same logic. Not a bad time to average down. Not financial advice, but the narrative of Ordinals being the most secure storage of JPEGs probably isn’t going away any time soon now that it’s come up again, and it could lead to a slow burn of adoption.

OG Runes

After a tremendous Wednesday, we’re now faced with a not-so-pretty-looking Thursday on the Runes charts. One green day, one red day. You know how we do. Looking forward to tomorrow.

Yesterday’s biggest gainer, $CYPHER, is out of shot today in 15th, down 27%, showing that although a little bit of volume can pump it 60%, the inverse is also true, thanks to the antiquated listing system on Magic Eden.

Additionally, another big gainer from yesterday, $BILLY, is down a hefty amount today. This is a token that unfortunately suffers from arbers manipulating the price often through price differences on DotSwap.

Hopefully a new system is put in place soon to alleviate those pressures.

OdinFun, FunkyBit, and Alkanes

OdinDog is up a further 21% today and steadily climbs back again, but still trails Bitcat and OdinApe by a couple million dollars in market cap.

No change over on FunkyBit, where Grandmaster Funk is now dominating volume, registering more than 4x that of its closest rival, Funky Monkey — the first token to graduate on there.

The volume was firmly with Methane when it comes to the top 5 yesterday, but just out of shot is CheekyB, which registered 1.81 BTCV in volume after minting out. At one point, the mempool hit over 20 sats during this mint — a bullish sign for interest over on Alkanes.

However, is Hawk correct in his thinking? Keep your eyes everywhere, XO. Be a profit maxi.

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.