Todays Top Stories

Editor: @PhoenixxDown

$ME Airdrop Sparks Mixed Reactions: A Breakdown of the Drama

What a day December 4th, 2024, was!

We hit $100K Bitcoin—a full six figures for 1 Bitcoin! Beautiful, isn’t it? If you’ve been here throughout the bear market, take a moment to celebrate this milestone. I think this sums it up perfectly:

Before we reached that historic milestone, though, the much-anticipated $ME airdrop checker went live. Many were hopeful that their allocation would be worth the wait, but the reception was a mixed bag. Emotions ranged from appreciation and triumph to disappointment and even full-blown mental breakdowns!

The overarching feeling seems to be this: if you’ve been trading Ordinals and Runes, you probably did well, relative to your trading size. Ordinals, in particular, seem to have been weighted more heavily. Why? Likely because:

• Ordinals have higher platform fees per average transaction.

• Ordinals were being traded much earlier than Runes, giving traders more time to accumulate points—and possibly keep their OG bonus active.

The OG Bonus

While the exact details remain unclear, the OG bonus appears to reward users who were active on Magic Eden as far back as the Solana days. Even sporadic but reasonably frequent trading over the years seems to have factored into the allocation.

Solana Traders Left Frustrated

Solana traders, however, seem to have gotten the rough end of the stick in terms of allocation numbers. While the OG bonus seems to have heavily influenced the size of $ME payouts, some Solana users are overlooking the fact that Solana NFT prices often pale in comparison to Ordinals—which naturally affects trading volume.

Additionally, Magic Eden has explicitly stated that its primary focus is now on the Bitcoin asset ecosystem. Whether this translated into a "bonus" for Bitcoin traders isn't confirmed, but it would make sense if that bias was reflected in the calculations.

Claiming $ME

There were also complaints about the claim process, which admittedly wasn’t the easiest to navigate. You had to link multiple wallets, download the Magic Eden app, and connect it to the desktop site via a QR code—which could be hit or miss depending on server traffic.

That said, considering we have six full days to claim and the fact that it’s free money, the freakouts were a bit overblown!

If you haven’t checked your allocation yet, you can follow the steps outlined in the official blog. Be cautious of any suspicious links and take your time—there’s no need to rush.

What’s Next?

The pre-market price of $ME has reached record highs, and now the big questions are:

• How high can $ME go after launch?

• Can it sustain its initial surge, like $HYPE did recently?

• How much of this stimulus flow back into the Ordinals and Runes ecosystems?

While $ME is a Solana-based token, which might create a small friction point for Bitcoin traders, Magic Eden’s app offers a simple way to bridge it.

Only a few more days until the 10th and we’ll find out!

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Todays Markets

Another Wednesday Check-In live stream with @CryptoLandy:

Ordinals

The Quantum Cats did it! They’re finally back over 0.2, right where they belong. It only took 10 sales to push them over the line—now the question is whether they can hold steady above it.

Bitcoin Frogs, after yesterday’s triumphant rise above 0.04, slipped slightly below that mark. Meanwhile, OG collection Ordblocks—a sub-10K collection with just 20 total pieces—registered EIGHT sales in the past 24 hours. To put that in perspective, that’s the same number of sales as the collection had prior to December 4th.

The reason for this sudden influx isn’t immediately obvious, but it seems some inside alpha might have been shared. If this is your first time hearing about Ordblocks, here’s a quick rundown of what they’re all about.

In the bottom half, Natcats, often a mainstay in the top 10, remain stuck in "0.01 hell," a range they’ve struggled to break free from for some time. Despite this, they still boast a thriving community and the distinction of being the first DMT-created PFP collection. If I were a betting man, I’d say these eventually come good.

As for older artistic collections, my prediction yesterday was correct—though I had the wrong collection! CENTS climbs back into the top 10 today with a 16.7% increase in floor price.

Runes

Freshly launched Notice Me Senpai slingshots into the number two spot for volume. The question is, will this flavor of the day last beyond the weekend? Perhaps we’re due for a new runner that stays the distance.

Elsewhere, while it’s red across the board, the declines aren’t dramatic. DOG, PUPS, BDC, and RSIC round out the top 5. Of these, DOG stands out, registering an obscene amount of volume that eclipses the rest of the top 10 combined.

Frog Go to Mars is another new launch that’s made its way into the top 10. But much like Notice Me Senpai, will it sustain this volume? With only 162 holders and a market cap of just $63K, it’s a far riskier bet.

Almost out of nowhere, OG Rune Anarcho Catbus makes a rare appearance in the top 10 with an 11.4% price increase and $34K in volume.

Beyond that, mid-cap favorites like Gizmo and Cypher continue their accumulation phases, still far below their all-time highs. Momento Mori hangs on to 10th place, much like yesterday.

Todays Opportunities

Minting This Week

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