The Bitcoin mempool is near empty and we're chilling near ATH? Where are all of the Ordinals bros? Have they been priced out? Are they shitcoining on another chain? 🤣
Discussion
Likely explanation:
End of month. Parents Credit card bill for shit coining came due. Grounded.
The best part about ordinals was they had to pay their txn fees in #bitcoin
Miners didn't hate it.
I don’t remember a time where we ever chilled near the ATH for so long. This feels weird.
Eh. Traders are doing their things. I'm just creating notes and sending zaps.
The Bitcoin mempool is shocking, but I think it's a side effect of institutional buyers. They don't stack sats to self custody. They stack "BTC" which means it's in someone else's custody. This lowers the on-chain traffic.
All the ride or die freaks use lightning on nostr. It's certainly reduced my on chain transactions. Besides, million sat UTXO's are harder to obtain nowadays.
Where are all of the Ordinals bros?
They're on to the "current thing." In 2016 it was ICO's like dentacoin. Then it was NFT'ts and meme coins. Now the current thing is something else. IDK, PrezMemeCoins?
🤣
Should we be worried?
Nope. Tick tock, next block. Plus, Lightning is working as expected.
Chinese New Year 2025., half of Asia is on holiday with their families.
Asian crypto traders will be back around Feb 4th, memool will start filling up then.
Ordinals appear alright 🤙 https://ordiscan.com/blocks
Now on Base and Solana chain.
No, all the extremely sensitive jpegs and government docs have been successfully hidden on the blockchain.
My question would be where the demand that is sustaining the ATH is settling the transaction. The logigal answer would be that the vast majority of transactions stays will custodians. We are still early, I guess!
Tsk Tsk, speak of the devil, and he shall appear.
And from what I've seen on mempool.space, there are more BRC-20 tokens these days than ordinals or runes, though obviously, even this volume is low enough that we're able to get through the mempool (perhaps because they're, thankfully, not nearly as big as ordinals). These scammers rarely pull the same thing twice. Which is why we don't see so many ICO's these days, or hear so much about Web 3.0, or even see much about NFT's. The scammer flavor of the day seems to be memecoins.
