"The East buys inscriptions, the West speculates on memes", this sentence is used to describe the state of the inscription market for a long time: it is mainly dominated by Chinese players, while overseas, especially Western players, rarely enter the inscription market. Therefore, in the past period of time, due to the lack of continuous increase in overseas funds, the popularity of inscription tokens led by the BRC20 protocol has been showing a slow downward trend.
As the largest crypto asset trading platform in the United States, Coinbase occupies a dominant position in the US crypto market. Its attitude towards inscriptions will affect the attitude of overseas players towards inscriptions to a certain extent. On April 4, 2024, Coinbase announced the launch of the perpetual contract of ORDI, the leading BRC20 inscription project, which shows Coinbase's recognition of the inscription track. This is also clearly reflected in the price of ORDI: perhaps affected by the launch of the contract on Coinbase, ORDI immediately rose by nearly 15% within 1 hour, and the price exceeded US$65.
Due to the impact of Coinbase's endorsement of inscriptions, the prices of the inscription projects PUPS (Puppet) and WZRD (Wizard) series of the Graphcoin concept have soared. According to data from coingecko, the price of BRC20 inscription PUPS (Puppet) rose from $3.72 on April 4 to a peak price of $83.47 on April 14, an increase of 2243%. The market value is about $506 million, surpassing Rats and becoming the third in the inscription track in terms of market value;
BRC20 Inscription WZRD (Wizard) rose from $0.40 on April 5 to a peak price of $8.83 on April 17, an increase of 2207%. The market value is about $180 million, making it the fourth largest in the inscription track.
And due to the influence of macro factors, mainstream currencies such as Bitcoin have fallen sharply in the past week, and most currencies in the market are falling. However, PUPS and WZRD still have a relatively strong rise against the trend, which shows the strong driving force of the European and American markets to enter the inscription market.
Therefore, if you want to find opportunities in the inscription track in the market after halving, it is recommended to look for projects that can attract the attention of a large number of overseas users and enter.
Therefore, according to this standard, Piin is worth everyone's attention. Like the puppet series and the wizard series, Piin has also risen against the trend in the recent market downturn. In addition, Piin not only has the support of overseas users, but also has not officially exploded yet, so its future potential is promising.
Specifically, Piin is a BRC20 inscription with a unique background. It originated from the Pi Network community, a crypto community with 55 million global miner users. According to data, there are currently about 20 million miner users in the Chinese region of Pi Network, and the number of overseas miner users exceeds 30 million.
Therefore, Piin is born with overseas genes and has the support of tens of millions of potential overseas users.
In many countries, the grassroots masses are numerous, and if they unite, they will be able to create huge value and influence. Piin hopes to leverage the fairness and justice of Bitcoin inscription technology and the power of communities at home and abroad to launch a social practice movement that unites the grassroots masses from all circles at home and abroad.
At present, Piin has gathered an active user community around the world. Overseas, it has more than 20,000 supporters; in China, it has a Chinese community of more than 8,000 people. These community members at home and abroad actively participate in discussions and publicity, injecting continuous vitality into the Piin project.
Judging from the current data, Piin's performance is also very good.
First of all, in terms of market value, Piin's current market value is only $23 million, far lower than similar projects ORDI's $880 million, PUPS's $500 million, and WZRD's $180 million. This means that compared with other projects, Piin's market value, which is supported by 55 million global miners, is seriously underestimated and has huge room for growth.
Secondly, in terms of trading activity, Piin’s total trading volume has ranked third in the BRC20 inscription track, second only to Sats and Rats, which is enough to show that it already has a fairly active trading user group.
Furthermore, Piin has more than 12,000 coin holding addresses on the chain, and the coin holdings are more dispersed than most inscriptions. The total number of coins held by the top ten coin holding addresses accounts for less than 6.2%. Therefore, its chip distribution is consistent with the number of community members. While the authenticity and credibility of the on-chain data are high, the dispersion of the coin holding addresses is also in line with its purpose of launching a social practice movement for the grassroots masses.
Finally, it is worth mentioning that Piin has been trading sideways for more than 5 months so far, which means that it has not officially exploded so far, but has been continuously accumulating community consensus power.
From the current situation, overseas players have begun to pay attention to the value of inscriptions. As time goes by, it is expected that more overseas users will support the inscription track. When the concept of Piin is spread to more overseas miners, with the extensive support from players at home and abroad and users crypto, Piin is expected to usher in a large-scale explosion.
Summarize
The inscription track is attracting more and more overseas capital injections. The joint efforts of players at home and abroad have brought new vitality to this field that was once dominated by Chinese players.
At the same time, Piin, which has the support of 55 million global miners, is waiting for an outbreak. With its natural overseas genes, narratives of grassroots social practice movements, active global communities, and long-term accumulated consensus power, it is expected to explode in future market conditions.
