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Here is the breakdown of today's newsletter:
👀 OMB: New Ordinals on the Block
🚀 The Future of $OXBT
The Rise of OMB
What started with a poll on Twitter has now turned into a Bitcoin ordinals project that is capturing the entire market by storm. OMB, or Ordinal Maxi Biz, was minted yesterday via MagicEden for the whitelist price of 0.09 BTC and public 0.29 BTC. This project has been cryptic in its messaging and has been hinted at for quite some time, thus the excitement and positive price action.
A crypto enthusiast and “zoologist” named @ZK_shark, in conjunction with an artist named Tony Tafuro, created a project that combines street art and bare-bones cryptography. His love for Bitcoin and the chain’s inner workings are what led him to leave his job and pursue OMB full-time. Ordinals opened his eyes to the possibilities of creation within Bitcoin, which is still in its infancy.
At the time of writing, the project sits at a floor of 0.29 BTC, approximately $8,900 USD. More or less, the project has done a 3x in a few hours of mint, keeping the future bright on the horizon. Supply is low at 2.1k and listings are coming down. We haven’t seen what the Bitcoin “NFT” market can truly do, and if we remember how many people used to transact Bitcoin for miscellaneous goods online, we might be headed to a new bull cycle fueled by Bitcoin. We just have to wait for them to enter this new market that is being created in front of our eyes. Keep your eye on Ordinals. BTC is the daddy of crypto.
The Future of $OXBT
As we move through the exciting world of Web3, it's hard to miss the buzz about $OXBT, a new BRC-20 coin that is similar to Ethereum's ERC-20 tokens.
Created by BitGod last week of May. Since then, it has grown to have more than 5,000 new Bitcoin users, a market cap of more than $13 million, and a 24-hour trade volume of close to $250 million.
The $OXBT community is looking forward to what will happen in the future, such as possible airdrops and strategic agreements. The start of $OXBT was a strategy to deal with the increasing network fees in the BRC-20 space. By making all of the coins at once, prices were cut by a lot, which was good for users.
Plan that works The $OXBT approach is simple, but it works: mint all, transfer all, and let users mint transfer inscriptions at low cost. This creates a safe, easy-to-use BRC-20 experience.
$OXBT is set to grow a lot because it has the potential to become a BRC-20 market leader, is popular on social media, and has a planned low-supply strategy that is backed up by supply burns.
Its ability to replace $ORDI could lead to a price of $1.1, which could change how the BRC-20 market works.
As $OXBT's popularity soars, greater demand and a limited supply could push the price up. The team's continued "supply burn" plan emphasizes how rare the token is, which makes people more bullish.
The Drop:
$OXBT has promise because it is part of the growing BRC-20 market, could be a leader, is becoming more popular, and has smart supply strategies. So, what do you think will happen to $OXBT?
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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses. racticeNewsletter 6.27