ExtraOrdinal Daily #52 | Runes Melt Faces, Are We Back?

18th Nov 2024 ||| Issue #52
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Table of Contents

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Todays Top Stories

Runes Melt Faces, Are We Back?

After a few weeks of light slumber and ranging movements, the Runes market has exploded back to life. While BTC has been trending upwards, giving Runes some healthy days here and there, we hadn’t seen the same exuberance that followed the infamous Coinbase “Taproot” X post—until now.

After simmering for a few days, today marked a turning point as interest and liquidity in Runes hit a critical mass, launching them into the stratosphere. The catalyst seems to be Kraken’s Runes Perpetuals listing. $DOG was the first to take the lead, and a surge in interest, articles, posts, and videos across platforms triggered the classic self-perpetuating dance of rising prices and growing attention. Another major influence might be that Binance also put $DOG futures under review most likely motivated by the massive volume seen on Kraken for the same product, leading to massive revenue.

With $DOG pushing above an $800M market cap, closing in on $900M before pulling back, and the total Runes market cap reaching $1.88B—flipping BRC20s—we’re now seeing substantial gains across the board, with most of the top 20 Runes charting double-digit growth in the green. The big questions now are: How long will this move last? And after the initial rally, how much will we retain during a retracement? Whatever the answers, one thing is clear—there’s a significant win baked into these moves and the attention they’re garnering.

When the market heats up and retail investors start pouring in, it takes something special to incentivise them to explore more complex niches. And what better incentive is there than Thiccc Gains?

For you there is nothing left to do but enjoy these moments and amplify the effect by spreading awareness about these moves. Remember, Runes, as memecoins on Bitcoin, still have incredible growth potential compared to memes on other chains.

Looking at the market caps, especially relative to Bitcoin’s liquidity, the potential for growth is staggering. Of course other factors come into play, such as SOL being a known as a hotbed for memes, with its low fees and fast transactions uniquely suited for this use case. ETH being the first chain to enable the mass production of memecoins, even though the first memecoin was a Bitcoin clone. Also on Bitcoin, participants tend to be more mature and long-term focused and the Bitcoin’s infrastructure—long block times, sniping issues, and relatively higher fees—might seem less favorable for memecoins compared to SOL or ETH. Moreover, the amount of BTC locked in wallets that will never move is staggering

That said, Bitcoin has unmatched liquidity and a strong cultural foundation. When considering the potential ratio of a host chain’s locked value to its meme ecosystem, the discrepancy currently favours Bitcoin for a significant long-term move upward. While there are no guarantees, the stars seem to be aligning for BTC’s meme ecosystem to grow substantially—and we’re here for it!

Now, let’s be mindful that not everyone is happy, and let that be a memeot that this time, you DIDN’T miss the boat and you we’re finally were early, just his once. And now you don’t have to be salty and can feel unburdened by that has been. Unlike some… Others 😅 

Top Stories | These for Metrics could influence the market this week!

Bitcoin, holding above $90,000, faces potential volatility as key US economic data and corporate earnings unfold this week. Here are four events to watch

1. Initial Jobless Claims

Release Date: Thursday, Nov. 21
A decline in jobless claims signals a strong labor market, boosting consumer confidence and disposable income. Last week’s claims fell to 217,000, and continued improvements could support risk-on assets like Bitcoin.

2. S&P Global Manufacturing PMI

Release Date: Friday, Nov. 22
With a previous reading of 48.5, positive PMI data would indicate economic expansion and boost investor confidence. This optimism could spill over into cryptocurrencies.

3. S&P Global Services PMI

Release Date: Friday, Nov. 22
A higher Services PMI, previously at 54.1, signals economic growth in services, fostering a risk-on sentiment that may benefit cryptocurrencies like Bitcoin.

4. Nvidia Q3 Earnings Report

Release Date: Wednesday, Nov. 20
Expected strong earnings could drive bullish momentum for AI-related cryptocurrencies like Render (RNDR) and Worldcoin (WLD). Nvidia’s performance often influences these sectors.

Market Impact
With economic data and Nvidia’s earnings shaping market sentiment, cryptocurrency traders should prepare for potential price fluctuations. As the intersection of traditional financial trends and crypto markets grows stronger, these events could set the tone for Bitcoin and altcoins in the week ahead.

Top Stories | Vote for Bitcoin Art

Today is the LAST DAY to vote for the Bitcoin Art Awards! If you love art, be sure to cast your vote.

Top Stories | BRC20 are DEAD 

So, while Runes did flip BRC20s since this post, and BRC20s have also seen a significant downtrend over the last period, with the market heating up, it does seem that they are catching their fair share of the liquidity flowing in. It’s good to see BRC20, which still has a lot of OG players involved, especially in Asia, still alive and kicking! In a market like this, all the OGs should be eating well.

Daily Bites

Todays Markets

Ordinals

Not only are Runes enjoying their moment in the spotlight, but Ordinal collections are also seeing increased volume, possibly fueled by profits from Rune investments being rolled into these collections.

Nodemonkes take the lead today, making a significant 17% upward move as they aim to challenge the market cap of their top competitor, Bitcoin Puppets.

Interestingly, the Bitcoin Puppets remain surprisingly stagnant today—an unusual sight on an otherwise green day like this.

Runestones have made an impressive 20% gain, likely inspired by the success of their offshoot, $DOG. Investors seem to be speculating on another airdrop as DOG approaches its goal of a Binance listing and a $1B market cap.

Bitcoin Wizards finally enjoy a good day, climbing 25% after trending downward over the previous week. However, one of today’s losers is Quantum Cats, which dropped 5% amidst a recent decline following months of relative stability.

Based Angels are back on track. After a string of mediocre days, the Angels have resumed their usual winning streak.

That said, they couldn’t quite match today’s main winner: the adorable and new Pizza Aliens, which soared 71%. However, as with all new collections, it’s uncertain how long they’ll hold the market’s attention.

Meanwhile, OMB is up nearly 5%, and Yokai Avengers made a respectable 13% gain, marking their return to the top 10 for the first time in a while.

Lastly, Bitmap shares the unfortunate distinction of being one of today’s two losers, also down 5%.

With the market heating up, the question remains: how much of the Runes’ profits will flow into Ordinal collections, or will the reverse hold stronger? Either way, the heightened volume and excitement are undoubtedly beneficial for everyone in the ecosystem.

Runes

And there it is—massive gains across the board, except for Gizmo, which has been winning consistently and might just be giving the market a chance to catch up.

DOG is up 8%, with a whopping $3.4M in volume today, bringing both hype and liquidity to the ecosystem. $PUPS are still chasing their goal of overtaking the top dog, and they’ve taken a major step forward with a 28% gain today.

Cypher Genesis continues its winning streak with an extraordinary 52% rise.

Billy also joins the rally, up 24%, but even that pales compared to the unstoppable Bitcoin Bro Bear, which has been on a relentless climb for days now. It’s an impressive run, leaving no opportunities to “buy the dip” and sidelining many would-be investors.

Memento Mori is finally living up to its potential, climbing 33% today. Meanwhile, Gizmo remains flat.

Even RSIC sees double-digit gains today—a rare sight for the OG Rune—up 10%.

And the biggest winner of the day? The friendly Waddle Pengu, which surged an incredible 89%, followed closely by another black-and-white “cute” Rune animal, Saiko Hamster, up 65%.

All in all, it’s a fantastic day to be a Rune believooor!

Todays Opportunities

Minting This Week

This weeks hyped mints open to the ExtraOrdinals that won a spot in previous days and weeks. If you’re feeling bullish, prepare those wallets and stay safe!

Project

Date

Price

The Chef’s by Ordinal Pizza

Today

0.0009 BTC

Primal Nomad

Tomorrow

0.00069 BTC

WYATTSWIDEWORLD

Tomorrow

6.9 APE

KOR Protocol

Wednesday 20th Nov

0.006 ETH

Satorians (BTC Machines)

Thursday 21st Nov

0.333 SOL

Free Ross

Thursday 21st Nov

0.00099 BTC

New Bitcoin Order

Friday 22nd Nov

Free

Generative Wonder Gallery | ARCANE

Friday 22nd Nov

0.00042 BTC

Node Peanuts

Friday 22nd Nov

Free

Giveaways

Todays giveaways for ExtraOrdinals holders to feast one. Enjoy!

  • Cura (FCFS) - End on Monday Nov 18th at 22:23 UTC

  • Sky Castle (GTD) - End on Monday Nov 18th at 22:25 UTC

  • Sky Castle (FCFS) - End on Monday Nov 18th at 22:26 UTC

  • Siola (GTD) - End on Monday Nov 18th at 22:28 UTC

  • Siola (FCFS) - End on Monday Nov 18th at 22:32 UTC

  • Satorians (GTD) - End on Monday Nov 18th at 23:58 UTC

  • NUMB3R (GTD) - End on Tuesday Nov 19th at 00:10 UTC

  • NUMB3R (FCFS) - End on Tuesday Nov 19th at 00:12 UTC

  • AlterVerse (GTD - Role) - End on Tuesday Nov 19th at 00:17 UTC

  • ARCANE - End on Tuesday Nov 19th at 02:22 UTC

  • Rune Pro (GTD) - End on Tuesday Nov 19th at 21:11 UTC

  • Rune Pro (FCFS) - End on Tuesday Nov 19th at 21:21 UTC

  • Harto By Forbes | Atlas - End on Tuesday Nov 19th at 02:40 UTC

With even more giveaways are expected soon, join the Discord today and make sure you have notifications on so you don’t miss out when the next ones go live!

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Nothing in this or any other ExtraOrdinal Daily publication should be construed as financial or investment advice.

We trust this ExtraOrdinal Daily provided you with the information, insight and opportunities needed to have an ExtraOrdinal day! If you have any questions, suggestions, or a desire to contribute, reach out in the ExtraOrdinals Discord!

See you tomorrow!