Ordinals Market Update for April 11th 2023
Sneak peek at upcoming Ordinals charts! Are the Pixel collections the real Ordinals market leaders?
Art Hodl has been agitating for good Ordinals charts to make sense of this chaotic new market. This cry was soon echoed across the Twitterverse and the dimensions of Discord. WizOrd.io heard the hubbub and just last night implemented a weekly Price chart to go along with their new weekly Floor Price % change data. This weekly timeframe offers a great, bigger-picture perspective on markets. WizOrd had even more up its sleeve however, and gave Art Hodl an exclusive look at its forthcoming full-sized charts, pictured above. Now we’re cooking with gas!
Meanwhile, Best in Slot has also confirmed that charts are on their roadmap. Pretty soon, Ordinals trading is going to take off in a big way thanks to services like these.
The Pixel Collections
Pixel Mumus have been mentioned in past updates but weren’t covered in depth, mostly because they lacked a dedicated website or social media account. Turns out they’re part of the Pixel Pepe family – Mumus were created by the same artist and cost 0.00069 BTC to mint. Bobos are also associated with Pepes, along with the forthcoming ClayPepes. Pixel Pepes are especially significant as, like the WizOrd chart states it in its summary, they were the first Ordinals airdrop. Not only that, they also have the highest total trading volume to date, as per Best in Slot:
Pixel Pepes do have an official (?) Twitter account but for such a massive collection, they’re still pretty underground. That goes double for their associated Mumus, Bobos, and ClayPepes. Consider that all the other big collections pictured above have dedicated websites and make a lot of noise across social media. To my mind, this shows that the Pixel collections are still mostly a grassroots community.
Given the total volume of Pixel Pepes, it could be argued that they lead the Ordinals market, especially if volume from associated Pixel collections is combined. However, right now the Bitcoin Apes and DeGods collections have weekly trading volumes 3 or 4 times higher than Pixel Pepes. If that trend continues, those other collections will soon overtake Pixel Pepes in terms of total volume. To cement their role as market leaders, the Pixel community would have to organize and start some serious promotion campaigns.
Technical Analysis of the Pixels
Let’s consider the Pixel family in detail. The first point to note is that Pixel Pepes lead in value, with a market cap of 88.5 BTC according to Best in Slot. Next come Mumus with a cap of 3.12 BTC and last are Bobos at 1.1 BTC. Now let’s see what these shiny new charts can tell us!
At the time of writing, the Pepes floor price is up 31.5% for the week, as per Wizord’s 7D data (which is not correctly represented in this beta version of their chart). Having overcome the previous high set on Friday, Pixel Pepes’ price now looks strong at 0.055 BTC.
As for Mumus, they’re showing a much different chart performance to Pepes, having peaked on Sunday and then taken a breather. It seems for now they’re consolidating around the 0.002 BTC level. The numbers shown here are only slightly outdated relative to the time of writing, with Mumus now down 15.62% for the week and up 5.26% for the day.
Now for the Bobos, currently holding at the sexiest price of 0.00069 BTC. They show some correlation to the rise of Pepes rise since Sunday but that could be coincidence. It’ll be interesting to see if they continue to follow Pepe prices or trade more independently, as the Mumus are currently doing.
The weekly trading volumes of these 3 collections (Pepes did 2.15 BTC, Mumus did 0.748 BTC and Bobos did 0.168 BTC) are well-represented by the charts, with the relatively sparsely-traded Bobos demonstrating long flat periods when no trades occurred. It will be very interesting to watch these charts develop alongside the Ordinals market itself.
Full Disclosure: the author holds no financial stake in any products or services mentioned above.