Ordinals NFTs: Blue Chip Index (2023/6/4)

Encryption analyst Solblue has created the Ordinals NFT blue-chip index analysis tool and published an analysis of the data changes of various Ordinals NFTs with blue-chip potential on June 4th.

Background analysis: 1) Inscriptions (70% Initial Inscriptions + 30% Final Inscriptions); 2) Market Performance (44.5% Trading Volume + 55% MCap + 0.5% Holder and Supply Ratio); 3) Social Media (40% Twitter + 60% Discord) 2). Blue Chip Index = 10% I + 65% M + 25% S. According to this formula, today’s Blue Chip Index for each project is: 1) DeGods – 456.07 (+2.59%); 2) Bitcoin Frogs – 444.39 (-21.72%); 3) Bitcoin Punks – 312.59 (-8.10%); 4) Pixel Pepes – 226.33 (-4.42%); 5) Bitcoin Bears – 160.00 (NEW); 6) BTC Machine/Virus – 142.07 (-6.10%); 7) DogePunks – 126.28 (-13.27%).

Data shows that the funds of Ordinals NFTs are flowing out, causing most of the first-line blue chips to fall significantly. There can be several reasons for this: firstly, SRC21 has recently been doing well (postmark); secondly, some speculative funds have returned to the Ethereum network; thirdly, the huge trading volume of Bitcoin Bears has absorbed funds from other blue chips. Bitcoin Frogs are the biggest losers in recent days, with the floor price currently falling to around 0.07, and if it falls to 0.05-0.06, it will be a strong support level. Fundamentally, there is not much of a problem, as the number of holders has not decreased and the social media presence is still strong.

There is a clear downward trend in the number of holders and social media performance of some projects. Bitcoin Bears has become a new blue-chip challenger since its launch, having already prepared to flip DogePunks’ total trading volume in the first two days. In addition, it has achieved the miracle of tripling in price, dropping, and then rebounding from its initial offering price. With over 70,000 Twitter followers, its marketing abilities cannot be underestimated. The GBRC-721 section has cooled down, and OrdiBots is currently trading around the floor price of 0.08, with a trend similar to that of BitFrog but more resilient. The developers have made new moves in the past day or two, and we should pay attention to whether there will be any changes in the subsequent sections.

Recently, Trevor.btc’s Bitcoin Summer and Ben.eth’s #FF6000 have both been launched on Ethereum. Both projects are focused on guiding Ethereum players into the world of Ordinals and are performing well. It is believed that related topics will be the focus of the next round of speculation, and we should pay attention to the moves of some powerful projects on Ethereum. If they enter the world of Ordinals, those of us who have a deeper understanding of Ordinals than the average player will be able to gain an advantage.

Reference: https://twitter.com/SolblueHK/status/1665390425648279554

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