This article will take readers back to review the dramatic journey of the Base ecosystem Memecoin project, BORED, which doubled upon launch, then surged 400%.
Introduction:
Base Memecoin Project BORED Doubles Upon Launch, Then Surges 400% (Background: Mfers Founder Releases Base Chain Memecoin $mfer! Soars 20,000 Times in One Day, Reaching a Market Value of 230 Million RMB)
Table of Contents:
BORED Begins: Typical “Presale” Money Making
BORED Opening: Doubles, Then Plummets, Followed by a 400% Surge
BORED’s Current Situation: Farcaster’s Success and Failure
After experiencing a twisted plot of soaring, plummeting, and then skyrocketing 4 times, the price of the Base ecosystem Memecoin project, BORED, has temporarily stabilized at around $0.0065. Today, we will review and analyze the development of BORED, a Memecoin project that claims to be “anti-Memecoin.”
BORED Begins: Typical “Presale” Money Making
On April 6th, Bored, a project initiator with 1.6 million fans on X platform, released a tweet stating, “Memecoins are the new press release.” He then retweeted a tweet he had released in September 2023:
(Text: “I’m bored.”)
It can be seen that Bored initiated the BORED project not simply to chase the Memecoin trend, but to convey a core spirit and self-expression through this project. In other words, the BORED project has had a strong speculative and personal style from the beginning.
Later, Bored posted on Farcaster’s base channel, stating that he had prepared something for his fans and provided a 24-hour PartyDAO fundraising link. As a prominent preacher on Farcaster, this message quickly spread. Ultimately, the fundraising on PartyDAO received support from 8,169 independent addresses, raising a total of 1,562 ETH (approximately $5.3 million).
According to the fundraising description and the white paper released by Bored, BORED will be launched as an anti-Memecoin through a specific average distribution mechanism (1:1):
Token Name: BORED
Total Supply: 3,141,592,653 tokens (10 billion times the value of π)
Token Distribution:
– 40% distributed to the contributors
– 40% added to the liquidity pool
– 20% distributed to Boredcaster NFT holders (as a reserve pool), released in 4 batches over approximately 12 months (5% x 4 for each batch), with the first batch released at the end of April 2024
Just as all participants were eagerly anticipating BORED’s strong opening, reality often does not proceed as people expect.
BORED Opening: Doubles, Then Plummets, Followed by a 400% Surge
Around 4:30 AM Beijing time on April 9th, the Base ecosystem Memecoin project BORED token officially launched with an initial price of around $0.004. It then nearly doubled around 5 AM, breaking through $0.0072. Afterward, it continued to decline, and the candlestick chart looked like it was spiraling towards zero.
Around 9 AM, the price of BORED fell below the opening price, reaching around $0.003. Early participants in the presale began to panic and sell off their holdings. As an anti-Memecoin Memecoin project, as stated in the white paper:
(Text: “Please sell BORED.”)
In this regard, BORED at that time did deliver.
“Cutting losses” became the choice for many people. However, they did not consider that, as Bored did not promote and explain on the X platform, many people, apart from those who participated in the fundraising, were unaware of Bored, the KOL with millions of fans, launching fundraising on PartyDAO and the listing of BORED tokens.
As the information gradually spread, people suddenly realized the manipulability of BORED’s project initiator and BORED itself, followed by a series of unexpected buying pressure. Real-time trading charts at that time showed that many players spent 5 ETH, 15 ETH, or even more to purchase BORED tokens. The price of BORED also surged, reaching a peak of over $0.012, 4 times higher than the low point of $0.003. For early participants in the presale, this 4-fold increase was their reward if they held onto their BORED tokens.
BORED’s Current Situation: Farcaster’s Success and Failure
In the Boredcaster channel on Farcaster, there are currently around 1,700 members, approximately one-tenth of Bored’s fan base on the platform.
As the place where Bored first released the project and built the community, Farcaster can be considered a key factor. It provided a solid fan base for the BORED project’s inception and served as a communication platform for community members after the listing of BORED. However, things always have two sides — while helping a project, it can also bind and restrict its development to some extent. For the BORED project, Farcaster may play such a role.
On the one hand, Farcaster’s niche nature allowed Bored to gather initial community members who were more supportive and cohesive towards their ideas. On the other hand, Farcaster limited the spread of information about the BORED project. Unlike X platform, which amplifies influence, Farcaster has a relatively limited user base, which restricts the project’s ability to attract broader attention.
Although Farcaster previously announced that it would complete a financing round led by Paradigm with a valuation of $1 billion, it is still a “niche territory” compared to the entire crypto industry.
Therefore, after one day since the listing of BORED tokens, as the market sentiment gradually cools down, the price has also been in a continuous decline, falling to around $0.0065, about half of the peak price.
Of course, it is too early to conclude the fate of the BORED project. The white paper previously mentioned some possible future directions for the BORED project, including:
LeaderBored: A real-time display showing who has the highest reputation score.
ArtBored: Showcasing the best art and praising the boring community’s memes and emojis.
Boredgames: Virtual games open to all community members.
Just as imagined in the white paper, in the future, BORED tokens may become part of an online reputation system, with holding BORED bringing certain endorsements in terms of creativity, participation in cultural innovation, and building a community based on a “social contract.” Additionally, as mentioned by the Boredcaster channel, the crowdfunding funds may be used for funding the cost of the LP liquidity pool on Uniswap, as well as for activities related to the BORED token holder community.
Therefore, as a Memecoin project claiming to be “anti-Memecoin,” the future development of BORED is still uncertain.
Perhaps, just like the quote Bored borrowed from Satoshi Nakamoto’s banner on X platform:
(Text: “On this path of pursuing wealth and freedom, we are all bored travelers.”)
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