The inscription Blob has sparked a wave of runic frenzy in the Bitcoin ecosystem, with the floor price soaring by 353.38% in the past 24 hours, reaching 0.0751 BTC, worth over $4,700. This breakthrough was made by the Blob team, who engraved the runic EPIC•EPIC•EPIC•EPIC on the Epic Sat, which is the first satoshi after the Bitcoin halving. The team pre-mined 95% of the tokens, which means that there may be an airdrop to Blob holders, incentivizing buying pressure for Blob. The market value of the EPIC token has surpassed $83 million, making it the second largest runic token in terms of trading volume.
Summary:
The fourth Bitcoin halving: Epic Sat sells for 33.3 BTC, creating a surge of over 3.3 billion times for ViaBTC
Background:
Only four on the entire network: ViaBTC auctions the Bitcoin halving “epic rare satoshi”, bidding surpasses 5 BTC
Table of Contents:
Blob team engraves the EPIC•EPIC•EPIC•EPIC runic on the Epic Sat
$EPIC market value surpasses $83 million, with a total trading volume of over 1 million
How to determine the rarity of a satoshi
The runic frenzy continues to impact the Bitcoin ecosystem. Yesterday (5th), the well-known inscription NFT “Blob” reached a new high. According to OKX market data, its floor price has risen by over 16% in the past 24 hours, reaching 0.0751 BTC at one point. As of the time of writing, it is reported to be 0.0739 BTC, worth over $4,700.
Blob’s significant surge is due to the fact that the Blob team, @bookofblob, engraved the EPIC•EPIC•EPIC•EPIC runic ($EPIC) on the latest “Epic Sat” at 3:24 PM yesterday. It is characterized by the first neural-generated 3D audiovisual scene. According to GeniiData, the team pre-mined 95% of $EPIC. In the runic ecosystem, this implies a possible airdrop of the token to Blob holders, incentivizing buying pressure for Blob. The remaining 5% of the supply was fully minted before 7:41 PM yesterday, which temporarily caused transaction fees on the Bitcoin network to surge to $16 to $26 per byte. As of now, it has significantly dropped to $1.25 to $1.34.
According to OKX market data, the floor price of $EPIC is currently $0.082 (128.95 sats), with a market value surpassing $83 million, making it the fifth largest runic token. Moreover, $EPIC is second only to DOG•GO•TO•THE•MOON in terms of trading volume, reaching $148,000, making it the second largest runic token in terms of trading volume. In the Magic Eden market, $EPIC is also the second largest token in terms of trading volume, with a trading volume of over 14.59 BTC (approximately $933,558), demonstrating the market’s high enthusiasm for it.
Runic market value ranking
As previously reported by BlockBeats, the fourth Bitcoin halving of Epic Sat, with the ordinal “Sat 1,968,750,000,000,000”, was sold for 33.3 BTC ($2,134,000). It is one of the only four epic sats in the Bitcoin ecosystem. The rarity levels such as epic sat and legendary sat are defined by the Ordinals protocol. Miners who mined the first block after the previous three halvings could only boast orally, but the introduction of the Ordinals protocol last year allowed sats to be identified and traded like NFTs.
Regarding the rarity level of sats, according to the official Ordinals documentation, it is essentially based on the rarity of certain periodic events that occur in Bitcoin itself. It is a rarity system defined by human beings. These periodic events include:
Blocks: A new block is mined approximately every 10 minutes, always at this frequency.
Difficulty adjustment: Every 2,016 blocks, approximately every two weeks, the Bitcoin network adjusts the difficulty target based on changes in hash rate.
Halvings: Every 210,000 blocks, approximately every four years, the block rewards are halved.
Cycles: Every six halvings, something magical happens: halving and difficulty adjustment occur simultaneously. This is called an “overlap”, and the time between two overlaps is called a “cycle”. An overlap occurs approximately every 24 years. The first overlap is expected to occur around 2032.
This gives us the following rarity levels:
Common: Any sat other than the first sat of a block (total supply of 21 trillion).
Uncommon: The first sat of each block (total supply of 6,929,999).
Rare: The first sat of each difficulty adjustment period (total supply of 3,437).
Epic: The first sat after each halving (total supply of 32).
Legendary: The first sat of each cycle (total supply of 5).
Mythic: The first sat of the genesis block (total supply of 1).
According to the rarity levels, ViaBTC’s auction of the epic sat will continue until all bitcoins are mined in 2140, with a total of only 32 epic sats, of which 4 (from the four halvings) have been mined so far. The first legendary sat will not appear until 2032, and as for whether the mythic sat is still held in Satoshi Nakamoto’s wallet, we do not know.
Further reading:
Only four on the entire network: ViaBTC auctions the Bitcoin halving “epic rare satoshi”, bidding surpasses 5 BTC
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