[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Simon [@simononchain](/creator/twitter/simononchain) on x 5179 followers Created: 2025-07-17 19:46:26 UTC When I first published my provenance thesis, it clearly resonated with readers and was quickly reflected in the market. Both $NFD and $DOG caught substantial bids and increases in volume, into which GCR actually sold his remaining $NFD. Despite this, $NFD is up ~3x since his sells, now sitting at ~$12.5M market cap. The market may finally be starting to recognize what @BIC_dao has built. But most still don't understand what @Cryptopathic and team are setting out to achieve: "We want to fundamentally change what a memecoin is. Make historical preservation an obvious blockchain use case. It mirrors high art market demand, but it's accessible to everyone. We're building the 'post-rotation meta'. No more chasing identical tokens backed by different groups. We own an expanding collection of unique, signed memes." Let me briefly recap my original article (focused on $NFD) and why I think it could continue to outperform and re-price higher, especially as institutions seek blue-chip crypto assets and Ethereum onchain activity returns to the spotlight: What BIC ( $NFD) Actually Is: BIC (Bureau of Internet Culture) is building a living archive of culturally significant memes, a decentralized index of meme provenance, not speculation. The project started as a beta to $DOG, fractionalizing Feisty Doge from Atsuko Sato's 2021 auction. But it evolved into something much broader: a decentralized meme museum. Each $NFD token gives holders governance over the multisig treasury (managed by X signers including @Cryptopathic and @cobie) that funds strategic meme acquisitions while ensuring original creators get compensated, often for the first time. The approach is methodical: BIC works with Know Your Meme, the internet's authoritative meme encyclopedia, to research provenance and identify authentic creators before acquisitions. They're not buying popular images, they're buying verifiable meme history. BIC has systematically onboarded original meme creators, building a collection of "official memes": - Giga Chad (created by Krista Sudmalis as part of her Sleek'N Tears project) - Harambe (with rights from Jeff McCurry, who knew Harambe for years but was never compensated until BIC stepped in) - Keyboard Cat, "You Live Like This?", "Mother Ignoring Kid Drowning in Pool" and dozens more which you can view here: The case for continued outperformance: Most market participants see another ticker, not systematic curation of internet history. As I wrote: "Most meme launches masquerade as grassroots community building but are actually bundled by cabals designed to extract value quickly. Original creators are rarely compensated, let alone consulted." BIC flips this entirely, working directly with creators who had never been compensated for their viral creations until BIC stepped in. Part of this stems from legacy baggage—$NFD has "a name and chart that date back to its origin as a Feisty Doge token." The DAO has already rebranded to BIC across all platforms, with a new ticker likely coming shortly. This could provide a fresh catalyst for broader recognition. This isn't a 10x overnight moonshot. It's what you’d call a "slow cook" requiring patience, something many trenchers do not have... BIC's Discord is one of the most active and cultish I've encountered, holders showing up to weekly meetings since 2021 and having held for 3+ years. These aren't degen rotators trenching on Solana. They genuinely believe in the mission in changing what memecoins can be. As the BIC manifesto puts it: "People are enthralled by stories… owning a recorded object inextricably weaves you into its history." On the market side of things, there are only a few quality memes on ETH ($PEPE, $MOG, $SPX6900 etc) but they have massive market caps - and obviously no real backing. If we are indeed in an ETH led “alt season”, people onchain want smaller cap/a better narrative, something to believe in. $NFD offers that at $13M, especially in the context of what they have already built and own. As I noted: "The vast majority of memecoins have zero backing, no IP rights, and no connection to their source material. Yet they often trade at premiums to projects that actually own what they're referencing." To that end, Liquid funds looking for meme exposure can't justify to LPs chasing hot launches or rotating into assets backed by nothing. As I wrote: "BIC offers something different: a way to hold meme exposure long-term without the rotation game, with actual substance that fund managers could justify to their LPs." Most meme trading requires constant rotation, exhausting and unsustainable. Think of it like how $PUMP might be compelling for these same players, it lets them passively own a piece of the meme casino without chasing constant new token launches and ever-changing memes. BIC offers similar passive exposure but to meme provenance and curation instead of speculation. The same logic applies to exchanges. $NFD isn't listed on any major exchanges yet—only tradeable onchain. This presents an obvious opportunity for bigger players, especially Coinbase, as they increasingly seek retail-friendly "legitimate" memes over anonymous casino tokens. BIC's creator partnerships and verifiable provenance make it exactly the type of asset exchanges can confidently list without reputational risk. Importantly, the project is led by @Cryptopathic, who isn't motivated by profits, an OG BTC, ETH & NFT whale for whom this is a legacy play. Something to leave a positive mark and influence on the space he joined XX years ago. While the market remains reflexive and impatient today (attention following price, not substance) most people don't care where a meme came from, only whether it can go up tomorrow. But as I argued: "Provenance is the very thing that gives an object value. Not because of code, but because of story." The fundamental bet: Crypto is bloated, too many tokens, not enough truth. Most assets are "reflexive loops without foundations." Provenance offers what few tokens can: anchored legitimacy. " The provenance (the authenticated story of an object) provides the magic behind it, and gives it value beyond any copy." At $13M, $NFD trades at a massive discount to its vision. The outperformance since my initial coverage likely isn't the end, it's the market finally pricing in that provenance may be crypto's most undervalued primitive. The DAO holds over $6.5M in liquid assets and continues methodically acquiring meme history. If Discord chatter is any indication, there are also some exciting moves in the pipeline, whispers of potential M&A activity that could significantly expand $NFD's reach and influence in the space. Beyond the M&A whispers, there's apparently a concerted effort to acquire and monetize more IP for existing and future works, suggesting multiple catalysts ahead. If the team continues to execute and this narrative gains larger mindshare, the repricing could accelerate meaningfully.  XXXXXX engagements  **Related Topics** [market cap](/topic/market-cap) [$125m](/topic/$125m) [$dog](/topic/$dog) [$nfd](/topic/$nfd) [coins meme](/topic/coins-meme) [doggotothemoon](/topic/doggotothemoon) [coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem) [coins solana ecosystem](/topic/coins-solana-ecosystem) [Post Link](https://x.com/simononchain/status/1945933131804278899)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Simon @simononchain on x 5179 followers
Created: 2025-07-17 19:46:26 UTC
When I first published my provenance thesis, it clearly resonated with readers and was quickly reflected in the market.
Both $NFD and $DOG caught substantial bids and increases in volume, into which GCR actually sold his remaining $NFD.
Despite this, $NFD is up ~3x since his sells, now sitting at ~$12.5M market cap.
The market may finally be starting to recognize what @BIC_dao has built. But most still don't understand what @Cryptopathic and team are setting out to achieve:
"We want to fundamentally change what a memecoin is. Make historical preservation an obvious blockchain use case. It mirrors high art market demand, but it's accessible to everyone.
We're building the 'post-rotation meta'. No more chasing identical tokens backed by different groups. We own an expanding collection of unique, signed memes."
Let me briefly recap my original article (focused on $NFD) and why I think it could continue to outperform and re-price higher, especially as institutions seek blue-chip crypto assets and Ethereum onchain activity returns to the spotlight:
What BIC ( $NFD) Actually Is:
BIC (Bureau of Internet Culture) is building a living archive of culturally significant memes, a decentralized index of meme provenance, not speculation.
The project started as a beta to $DOG, fractionalizing Feisty Doge from Atsuko Sato's 2021 auction. But it evolved into something much broader: a decentralized meme museum.
Each $NFD token gives holders governance over the multisig treasury (managed by X signers including @Cryptopathic and @cobie) that funds strategic meme acquisitions while ensuring original creators get compensated, often for the first time.
The approach is methodical: BIC works with Know Your Meme, the internet's authoritative meme encyclopedia, to research provenance and identify authentic creators before acquisitions.
They're not buying popular images, they're buying verifiable meme history.
BIC has systematically onboarded original meme creators, building a collection of "official memes":
- Giga Chad (created by Krista Sudmalis as part of her Sleek'N Tears project)
- Harambe (with rights from Jeff McCurry, who knew Harambe for years but was never compensated until BIC stepped in)
- Keyboard Cat, "You Live Like This?", "Mother Ignoring Kid Drowning in Pool" and dozens more which you can view here:
The case for continued outperformance:
Most market participants see another ticker, not systematic curation of internet history.
As I wrote: "Most meme launches masquerade as grassroots community building but are actually bundled by cabals designed to extract value quickly. Original creators are rarely compensated, let alone consulted."
BIC flips this entirely, working directly with creators who had never been compensated for their viral creations until BIC stepped in.
Part of this stems from legacy baggage—$NFD has "a name and chart that date back to its origin as a Feisty Doge token."
The DAO has already rebranded to BIC across all platforms, with a new ticker likely coming shortly. This could provide a fresh catalyst for broader recognition.
This isn't a 10x overnight moonshot. It's what you’d call a "slow cook" requiring patience, something many trenchers do not have...
BIC's Discord is one of the most active and cultish I've encountered, holders showing up to weekly meetings since 2021 and having held for 3+ years.
These aren't degen rotators trenching on Solana. They genuinely believe in the mission in changing what memecoins can be.
As the BIC manifesto puts it: "People are enthralled by stories… owning a recorded object inextricably weaves you into its history."
On the market side of things, there are only a few quality memes on ETH ($PEPE, $MOG, $SPX6900 etc) but they have massive market caps - and obviously no real backing.
If we are indeed in an ETH led “alt season”, people onchain want smaller cap/a better narrative, something to believe in. $NFD offers that at $13M, especially in the context of what they have already built and own.
As I noted: "The vast majority of memecoins have zero backing, no IP rights, and no connection to their source material. Yet they often trade at premiums to projects that actually own what they're referencing."
To that end, Liquid funds looking for meme exposure can't justify to LPs chasing hot launches or rotating into assets backed by nothing.
As I wrote: "BIC offers something different: a way to hold meme exposure long-term without the rotation game, with actual substance that fund managers could justify to their LPs." Most meme trading requires constant rotation, exhausting and unsustainable.
Think of it like how $PUMP might be compelling for these same players, it lets them passively own a piece of the meme casino without chasing constant new token launches and ever-changing memes. BIC offers similar passive exposure but to meme provenance and curation instead of speculation.
The same logic applies to exchanges. $NFD isn't listed on any major exchanges yet—only tradeable onchain.
This presents an obvious opportunity for bigger players, especially Coinbase, as they increasingly seek retail-friendly "legitimate" memes over anonymous casino tokens.
BIC's creator partnerships and verifiable provenance make it exactly the type of asset exchanges can confidently list without reputational risk.
Importantly, the project is led by @Cryptopathic, who isn't motivated by profits, an OG BTC, ETH & NFT whale for whom this is a legacy play. Something to leave a positive mark and influence on the space he joined XX years ago.
While the market remains reflexive and impatient today (attention following price, not substance) most people don't care where a meme came from, only whether it can go up tomorrow.
But as I argued: "Provenance is the very thing that gives an object value. Not because of code, but because of story."
The fundamental bet: Crypto is bloated, too many tokens, not enough truth.
Most assets are "reflexive loops without foundations." Provenance offers what few tokens can: anchored legitimacy. " The provenance (the authenticated story of an object) provides the magic behind it, and gives it value beyond any copy."
At $13M, $NFD trades at a massive discount to its vision. The outperformance since my initial coverage likely isn't the end, it's the market finally pricing in that provenance may be crypto's most undervalued primitive.
The DAO holds over $6.5M in liquid assets and continues methodically acquiring meme history.
If Discord chatter is any indication, there are also some exciting moves in the pipeline, whispers of potential M&A activity that could significantly expand $NFD's reach and influence in the space.
Beyond the M&A whispers, there's apparently a concerted effort to acquire and monetize more IP for existing and future works, suggesting multiple catalysts ahead.
If the team continues to execute and this narrative gains larger mindshare, the repricing could accelerate meaningfully.
XXXXXX engagements
Related Topics market cap $125m $dog $nfd coins meme doggotothemoon coins bitcoin ecosystem coins solana ecosystem