Doubled at opening, halved, and then soared 400% again, reviewing the "anti-meme" project BORED

Original title: "BORED: A KOL with 1.6 million followers launched a meme project against Memecoin"

Original author: Wenser, Odaily Planet Daily

After experiencing a tortuous plot of opening high and closing low and then soaring 4 times, the price of the Base ecosystem Memecoin project BORED has temporarily stabilized at around $0.0065. Today, we will review this Memecoin under the banner of "anti-Memeccoin" and take a deeper look at how BORED developed?

BORED starts: the same old “pre-sale” payment

On April 6, Bored, the project initiator who has 1.6 million followers on the X platform, tweeted that “Memecoins are the new press release”. He then retweeted a tweet he had posted in September 2023: "Boredom is a good thing. It's important to have the ability to embrace boredom. If you feel anxious about being in this state, it's time to re-plan yourself and change your relationship with technology."

It can be seen that Bored launched the BORED project not simply to chase the Memecoin craze, but to convey some spiritual core and self-expression through this project. In other words, the BORED project has a strong speculative and personal style from the beginning.

Later, Bored posted in Farcaster's base channel that he had prepared something for his fans and friends, and put a 24-hour limited PartyDAO fundraising link. As an influential evangelist on Farcaster, the news soon spread. In the end, the fundraising on PartyDAO was supported by 8,169 independent addresses, raising a total of 1,562 ETH (about 5.3 million US dollars).

According to the fundraising instructions and the white paper document subsequently released by Bored, Bored will launch this anti-Memé coin with a specific average distribution mechanism (1:1) after the fundraising is completed and the vote is passed:

1. Token name: BORED;

2. Total supply: 3, 141, 592, 653 pieces (100 million times of pi);

3. Token distribution:

· 40% - issued to fund contribution members

· 40% - added to liquidity pool

· 20% - issued to Boredcaster NFT holders (as a reserve pool), which will be released in 4 batches over approximately 12 months (5% x 4 per batch), the first batch will be released at the end of April 2024.

Just when all participants were looking forward to BORED opening as strongly as previous pre-sale fundraising Memecoin projects, reality often does not go according to people's established ideas.

BORED opening: doubled and then halved, then soared 400%

At about 4:30 am on April 9, Beijing time, the BORED token of the Base ecosystem Memecoin project was officially launched, with an initial price of about US$0.004. Then it nearly doubled around 5 points, breaking through $0.0072, and then it fell all the way, and the K line looked like it was about to spiral back to zero.

Around 9 points, the price of BORED fell below the opening price and reached around $0.003. Seeing that the situation was not good, those who participated in the pre-sale in the early stage began to panic sell. As an anti-Memecone Memecoin project, as written in the project announcement white paper document: "'Boring' is a Meme that rejects 'Memecoin casinos', continuous trading, unhealthy connection levels, zero-sum games, staring at charts, and the idea of widespread stress and anxiety. Stay bored."

In this regard, BORED did it at that time.

"Selling at a loss" became the choice of many people, but they did not consider that due to the fact that Bored did not promote it on the X platform, many people, except those who participated in the fundraising, did not even know that KOL Bored, who has millions of fans, initiated fundraising on PartyDAO and that BORED tokens were launched.

Later, as the news gradually spread, people finally realized the initiator of the BORED project and the hype of BORED itself, and then there was a series of sudden buying orders. The real-time trading chart at the time showed that many players spent 5 ETH, 15 ETH or even more to buy BORED tokens. The price of BORED also rose all the way, breaking through 0.012 US dollars, which was 4 times the low price of 0.003 US dollars. For those who participated in the pre-sale early, if they kept their original BORED tokens, this 4-fold increase would belong to them.

BORED's current situation: Farcaster is its success and Farcaster is its failure

There are currently 1,700 members in the Boredcaster channel on the Farcaster platform, which is about one-tenth of Bored's fans on the platform.

As the first place where Bored released projects and established communities, Farcaster can be said to be a key link - it not only provides a good fan base for the BORED project, but also provides a communication platform for community members after BORED goes online. But things always have two sides - things that help you will also constrain you and even limit your development to some extent. For the BORED project, Farcaster may also play such a role.

On the one hand, Farcaster's niche allows Bored to gather some initial community members who are more supportive of its own ideas and more cohesive in the early stages of the project. But on the other hand, Farcaster also makes the spread of the BORED project relatively limited. And unlike the X platform that can amplify influence, Farcaster's number of users is relatively limited, which in turn limits the possibility of the project attracting wider attention.

Although Farcaster previously announced that it will complete a round of financing led by Paradigm with a valuation of US$1 billion, compared to the entire Crypto industry, this is a "niche territory".

Therefore, one day after the BORED token was launched, after the relatively enthusiastic market sentiment gradually cooled down, its price could not hide the decline all the way, and the price was cut in half again compared to the high point, about US$0.0065.

Of course, it is too early to draw a conclusion about the BORED project. The previous announcement white paper also mentioned a little about the future development direction of the BORED project, including the following possibilities:

· LeaderBored:A real-time display showing who is maintaining the highest reputation score.

· ArtBored:Best Art and Memes praise the memes and emoticons of the Bored community.

· Boredgames:Virtual games open to all community members.

As envisioned in the white paper document, in the future, BORED tokens may become part of the on-chain reputation system, and holding BORED will bring certain endorsements to individuals, including but not limited to the generation of creativity, participation in cultural innovation, and building a community based on a "social contract". In addition, as the official boredcaster channel said, the crowdfunding funds may be used to build the LP liquidity pool on Uniswap, and may also be used for activities related to the BORED holder community.

Therefore, as a Memecoin project under the banner of "anti-Memec", the subsequent development expectations of BORED are still unknown.

Perhaps, just like what Satoshi Nakamoto once said, which Bored borrowed from the banner of the X platform, "If you don't believe me or don't get it, I don't have time to try to convince you, sorry."

On the road of pursuing wealth and freedom, we are all boring travelers.

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