GuShiio.com Is the inscription that once stood at the starting point of this bull market about to be revived?
original| Daily Planet
author| Golem
Is the inscription that once stood at the starting point of this bull market about to be revived?
Amid the recent poor market trend, the downturn in the copycat market, and Meme’s lifeless “garbage market”, BRC-20 and the new inscription agreement on L1 star Hyperliquid Chain HRC-20 have attracted attention in the community.
The BRC-20 truck token MASK, which has a total amount of 21 million and needs to be minted 2.1 million times (10 pieces per piece), once raised the gas of the Bitcoin network to 14 Cong/byte on the evening of February 23. It is a rare “inscription truck” that has been expected to be minted and has an address number exceeding 10,000. (Odaily Note: The inscription truck refers to the BRC20 token that is minted too frequently and requires a lot of money and time.)
At the same time, HYPI, the first HRC-20 token on Hyperliquid L1, was opened for casting at 5:00 on February 21, with a total of 21 million coins and took 5 hours to complete. Officials have spent US$109,154.01 to bid for the online Hyperliquid spot trading quota, and opened trading at 5:00 a.m. today to launch the corresponding packaged asset wHYPI on the Hyperliquid spot trading market.
Revival inscriptions or fake corpses?
The short-term growth of FOMO sentiment often makes people who are involved in it.
The popularity of MASK comes quickly and goes quickly
The deployment time for the BRC-20 token MASK is March 10, 2023. Even at the peak of the BRC-20 inscription, it was not completely minted. Moreover, some players were stuck at the highest level last year with a minting rate of 30 Cong/byte.
Why are “old antiques” popular again? There are two types of speculations circulating in the community. One is that MASK is a real “miner’s conspiracy disk”. Miners create a large number of illusions of prosperity in the MASK manufacturing chain, allowing players FOMO to earn more Bitcoin fees; the second is that MASK is a new “inscription push disk”, backed by “mysterious Eastern forces”. No matter which type it is, as long as it can bring continuous traffic and popularity to the inscription, it is a good thing.
On February 23, the MASK casting progress reached 70%, and the unit price of MASK in the OKX inscription market was US$0.3. It was originally thought that due to community sentiment, MASK would be completed on February 24 and continue to push up prices. However, the popularity of MASK subsided faster than expected. Today (February 25), its progress has only reached 88%, and the unit price of MASK has dropped to US$0.1. Looking back on February 23, the price was already at the top of the mountain.
Perhaps the MASK will still be finished in the end, but the final outcome will probably gradually disappear like the eorb truck with 2.1 million inscriptions.
HRC-20 performance fell short of expectations
HRC-20 is a homogenization token standard launched by the inscription protocol HPS Protocol on Hyperliquid L1, which introduced the concept of Hyperscripts on Hyperliquid L1 and HyperEVM. HYPI is the first officially issued HRC-20 token and currently the only HRC-20 token, with 2231 holding addresses.
Currently, almost all functions of the HPS Protocol platform are not available, and users cannot deploy and transfer HRC-20 tokens independently. Therefore, in order to quickly start the transaction, HPS Protocol chose to launch HYPI’s packaging asset wHYPI on the Hyperliquid spot trading market first. The address holding HYPI will receive a 1:1 wHYPI airdrop when the transaction opens. After the official HRC-20 market is launched, users can directly redeem wHYPI into HYPI, and always maintain the total circulation of HYPI and wHYPI at 21 million.
The casting cost of a HYPI single sheet (100 pieces per sheet) is US$2-US$3. Before the Hyperliquid spot market was launched, the transaction price of off-site double bets in the community reached US$25 per sheet, and the market value was estimated to be US$5.25 million, which is compared with the casting cost. It has doubled by about 10 times.
I thought that after the launch of the Hyperliquid spot market, HYPI would have some room for growth as the first inscription on the Hyperliquid chain. But what is as disappointing as MASK is that wHYPI started a downward mode after its launch. The current price is US$0.024 (US$2.40 per ticket) and its market value is US$540,000, which has fallen below the casting cost. The player who received the goods at US$25 per card outside the venue was now crying and passed out in the toilet.
Market vitality withers, but speculative demand remains
This morning, the overall crypto market fell again, with BTC once falling below 91000 USDT (the lowest fell to 90888 USDT). The altcoin market is bloody, with ETH falling below 2500 USDT and SOL falling below 140 USDT. The vitality of the Meme market is even worse. In the past 24 hours on February 24, pump.fun, only one graduation token with a market value of more than US$1 million. Looking back on the Meme market last month, there were several Memes with a market value of US$10 million every day. It seems like a lifetime ago.
However, I think that the more depressed the market is, the more hungry the funds in the market will be, the stronger the speculative demand will be, and the more eager small and medium-sized players will be to “turn around”. Any new hype opportunity at this time may attract a lot of attention, but the side effect is that if there is no return in the short term, the funds will quickly withdraw. The BRC-20 inscription MASK and the HRC-20 inscription on Hyperliquid L1 are phenomena in the context of today’s sluggish market and lack of hype opportunities.
By now, inscriptions have become a very small perspective in the market, so small that the number of people discussing it is far less than an inexplicable post posted two years later by the imprisoned SBF. Only some diamond hands with love (or obsession) still persist.
Only things that have failed can talk about rejuvenation. To put it cruelly, today’s inscription is yesterday’s Meme. But as long as speculative demand continues to exist on Web3, we will eventually wait for the next asset distribution model that will cause a stir in the market. However, those involved should remember to stop “falling in love” with your investment project.
