This article will take readers back to review the dramatic journey of the Base ecosystem Memecoin project BORED, which doubled after its launch and then surged by 400%.
Introduction:
Base Memecoin Project BORED Doubling in Trading Volume, Exceeding 220 Million Pounds, and Gas Fees Worse Than Dencun Upgrade.
Background:
The founder of mfer issued the Base chain Memecoin $mfer, which surged 20,000 times in a single day, with a market value of 230 million pounds.
Table of Contents:
BORED Begins: The Typical “Presale” Money-Making Strategy
BORED Opening: Doubling and Then Halving, Followed by a 400% Surge
BORED Current Status: Farcaster’s Success and Failure
After experiencing a rollercoaster journey of soaring, plummeting, and then surging four times, the price of the Base ecosystem Memecoin project BORED has temporarily stabilized at around $0.0065. Today, we will retrospectively analyze this Memecoin project that claims to be “anti-Memecoin” and delve into how BORED has developed.
BORED Begins: The Typical “Presale” Money-Making Strategy
On April 6th, Bored, the project initiator with 1.6 million followers on the X platform, released a tweet stating, “Memecoins are the new press release.” Subsequently, he retweeted a tweet he had released in September 2023:
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It can be seen that Bored initiated the BORED project not simply to chase the Memecoin trend but to convey some core values and self-expression through this project. In other words, the BORED project 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 influencer 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 subsequent whitepaper released by Bored, BORED will be activated after the fundraising ends and the vote passes using a specific average distribution mechanism (1:1):
Token name: BORED
Total supply: 3,141,592,653 tokens (billions times the value of pi)
Token distribution:
40% distributed to fund contributors
40% added to the liquidity pool
20% distributed to Boredcaster NFT holders (as a reserve pool), released in four batches over approximately 12 months (5% x 4 per batch), with the first batch in late April 2024.
Just when all participants were eagerly anticipating a strong opening for BORED, as seen in other presale Memecoin projects, reality often does not unfold as expected.
BORED Opening: Doubling and Then Halving, Followed by a 400% Surge
Around 4:30 am on April 9th, Beijing time, the Base ecosystem Memecoin project BORED token was officially launched with an initial price of around $0.004. It then nearly doubled around 5 am, breaking through $0.0072. Afterward, the price continued to decline, with the candlestick chart resembling a spiral approaching zero.
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Around 9 am, the BORED price fell below the opening price, reaching around $0.003. Early participants in the presale began to panic and sell off their tokens. As a Memecoin project that opposes Memecoins, BORED indeed lived up to its announcement in the whitepaper:
In this regard, BORED at that time indeed delivered.
“Cutting losses” became the choice for many people. However, they did not consider that, as Bored did not promote and explain the project on the X platform, many people, apart from those who participated in the fundraising, were unaware of the fundraising initiated by Bored on PartyDAO and the launch of BORED tokens.
As the news gradually spread, people woke up as if from a dream and finally realized the marketability of the project initiator and BORED itself. This was followed by a series of unexpected buying pressure. The real-time trading chart at that time showed that many players spent 5 ETH, 15 ETH, or even more to purchase BORED tokens. The price of BORED also soared, surpassing $0.012, which was four times the low price of $0.003. For early participants in the presale, if they held onto their BORED tokens, this 4x increase belonged to them.
BORED Current Status: Farcaster’s Success and Failure
In the Boredcaster channel on Farcaster’s platform, there are currently 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 played a crucial role. It provided a solid fan base for the BORED project and served as a communication platform for community members after the launch of BORED. However, things always have two sides. While it helps, it also binds and limits your 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 an initial community of members who were more supportive and cohesive in their beliefs. On the other hand, Farcaster limited the reach of BORED project’s message. Unlike X platform, which can amplify influence, Farcaster has a relatively limited user base, thus restricting the project’s ability to attract broader attention.
Although Farcaster previously announced the completion of 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 launch of BORED tokens, as the market sentiment gradually calms down from the initial frenzy, the price cannot conceal its downward trend, falling to around $0.0065, about half the high price.
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Of course, it is premature to draw conclusions about the BORED project now. The whitepaper also mentioned some potential directions for the project’s development, including:
LeaderBored: Real-time display of who maintains the highest reputation score.
ArtBored: Showcasing the best art and praising the boring community’s memes and stickers.
Boredgames: Virtual games open to all community members.
As envisioned in the whitepaper, in the future, BORED tokens may become part of an on-chain reputation system. Holding BORED will endorse individuals in certain aspects, including but not limited to fostering creativity, participating in cultural innovation, and building a community based on a “social contract.” In addition, as stated by the official boredcaster channel, the crowdfunding funds may be used for funding the costs of constructing an LP liquidity pool on Uniswap and for community-related activities involving BORED holders.
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 the X platform:
“On this path of pursuing wealth and freedom, we are all bored travelers.”
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