After I wrote the potential assessment of ORDI, many readers left messages on WeChat and Twitter hoping I would share some insights about the potential of SATS.
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Is SATS a good investment?
From the current market capitalization ranking, ORDI and SATS are undoubtedly the leaders and the second in the BRC-20 category.
For many ecosystems, we mainly evaluate the leading tokens, as the second and third tokens in many ecosystems are basically copies of the leader, making it difficult for them to surpass the leader in the long run.
However, for the BRC-20 ecosystem, this situation seems a bit special: because in the BRC-20 ecosystem, the leader (for now, we consider ORDI as the leader) and the second (for now, we consider SATS as the second) have significant differences in value orientation and characteristics.
At this point, I can't help but think of the relationship between Bitcoin and Ethereum:
The former is the first practical application of new technology, which for a long time had little application, only starting to see breakthroughs in application last year due to the emergence of inscription technology. The latter, on the other hand, is entirely application-oriented, with its value supported completely by application scenarios since its inception.
ORDI is basically similar to Bitcoin, being the first practical application of new technology, and it has not yet found empowering applications.
But SATS seems not to resemble Ethereum, as its birth initially did not seem to be for applications; it might purely be a MEME, or perhaps a joke conceived by the deployer. However, it was later creatively empowered by the Unisat team, thus gaining support from application scenarios.
This dramatic experience of SATS has given it both MEME characteristics and the empowerment of application scenarios.
It is this dual attribute that has allowed SATS to explode with remarkable momentum, catching up in market capitalization and closely following ORDI.
I believe this situation is likely to continue into the bull market.
Therefore, purely in terms of potential, I think SATS's potential is very similar to ORDI, almost indistinguishable. At the peak of the bull market, it is highly probable that whatever market cap ORDI can reach, SATS can reach as well.
However, I think for most SATS holders, besides being concerned about SATS's market cap, they are probably more curious about another question:
Can SATS's market cap exceed ORDI's?
The reason people have this question is mainly because SATS once surpassed ORDI in market cap, and although it later dropped, that miracle was indeed exhilarating and gave holders great imaginative space.
In the current Bitcoin ecosystem, we have already seen ready-made examples of surpassing: the SRC-20 ecosystem's leading token, STAMP, is a typical case.
In the SRC-20 ecosystem, the first token is KEVIN, and the second token is STAMP. However, since STAMP can better express the connotation of the Bitcoin stamp (STAMPS) in a literal sense, it has shown stronger MEME attributes, thus surpassing KEVIN in market cap and becoming the leader ever since.
Is there a possibility for SATS to replicate the miracle of STAMP? That depends on whether the factors that can empower SATS can surpass ORDI.
In terms of MEME attributes, both SATS and ORDI have sufficient "meaning" and "connotation." SATS represents the smallest unit of Bitcoin, while ORDI is an abbreviation for the inscription protocol; in this regard, the two are hard to distinguish. However, in terms of timing, ORDI has the advantage as it is the first token. Therefore, overall, SATS may still find it difficult to surpass ORDI in MEME attributes.
In terms of empowerment, SATS does not have a charismatic spiritual leader like Ethereum, with long-term development plans and a coherent development logic. The development and empowerment of SATS appear more loose and casual. Thus, there is a certain uncertainty regarding the sustainability of its empowerment.
This uncertainty may lead to its inability to maintain application empowerment, which in turn means it cannot continuously accumulate consensus through applications.
Additionally, there is another indicator worth our attention: which one is more resilient in a sluggish market.
The current round of adjustments is the first correction SATS has experienced after briefly climbing to the second place or even becoming the leader. Based on the data available, it seems that during this correction, ORDI has been more resilient than SATS for most of the time, with ORDI holding the top market cap.
Therefore, overall, ORDI's leading position appears more stable in the long run, while SATS is more often the second, possibly leveraging some temporary momentum to briefly surpass ORDI, but it is unlikely to last.
However, even as the second, I believe the market cap difference between it and ORDI will not be too large, and even if it is lower, it is unlikely to drop below 50% of ORDI's market cap.