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Tuesday, June 25, 2024

The $12K PEPE Airdrop: Transitioning the Memecoin Hype to Bitcoin Ordinals

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Memecoins are hardwired into Internet culture, and crypto was not spared. From Dogecoin and Shiba Inu (SHIB) to the latest craze surrounding the popular PEPE coin, the industry has long been involved with them.

Now, the PEPE coin mania is also spreading across other protocols, and Bitcoin seems to be well under the radar. But it’s not exactly what you may think.

  • Ordinals Wallet is a veteran wallet that supports the so-called NFTs on Bitcoin – Ordinals. While called NFTs, they do have their differences to legacy non-fungible tokens, as most know them on Ethereum.
  • The team behind it made headlines after it decided to airdrop Pixel Pepe’s ordinals to users who made a transaction onto their wallet or marketplace before block 777888.
  • This is essentially within the first week of the creation of Ordinals Wallet.
  • The interesting part is that the lowest floor price, at the time of the post, was around 0.4 BTC – close to a whopping $12,000.
  • Meanwhile, PEPE’s price has lost a major chunk of its recently acquired value, and its market capitalization tumbled toward $800 million after peaking at close to $2 billion a few days ago.

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