To understand the magnitude of the
@jackbutcher Checks run, I wanted to translate it into CREDITS terms
Not by comparing floor prices directly
Checks started with 16,031 pieces
CREDITS has 122,154
ETH was also priced very differently in 2023
So I used the Coinbase ETH/USD close on each date, calculated the Checks USD floor market cap, then spread that same value across the full CREDITS supply
Apples to apples
▷ Jan 3, 2023
Checks mint price: $8
Implied mint valuation: ~$128K
CREDITS also minted at $8 via X Money payments but with 7.62x more pieces its opening capitalization was already much larger
▷ Jan 17
Checks floor: 0.38Ξ
ETH: ~$1,566
Floor market cap: ~$9.54M
Same market cap in CREDITS today:
~$78 per Credit
~0.029Ξ
That one surprised me
CREDITS currently sits around a 0.02678Ξ floor, or ~$8.79M across the full live supply
In floor-cap terms, it’s already very close to the Jan 17 Checks snapshot
▷ Feb 7, five days before migration & compositing burns opened
Checks floor: 2.45Ξ
ETH: ~$1,671
Floor market cap: ~$65.64M
Same market cap in CREDITS today:
~$537 per Credit
~0.20Ξ
That is roughly 7.5x the current CREDITS floor
▷ Feb 13, immediately after migration & compositing burns opened
Checks Editions: ~1Ξ
Checks Originals: ~0.95Ξ
ETH: ~$1,506
Normalized across CREDITS, those floor caps would equal:
Editions equivalent: ~$198 / 0.0735Ξ
Originals equivalent: ~$188 / 0.0699Ξ
Roughly 2.6x to 2.7x the current CREDITS floor
Those are separate views of the same migrating cohort, not two market caps added together
This gives me a much cleaner ruler for the comparison
CREDITS does not need to trade anywhere near 2.45Ξ per piece to reach the same aggregate valuation Checks carried at its peak
With 7.62x more supply, the equivalent is closer to 0.20Ξ at today’s ETH price
None of this means CREDITS follows the same path
Floor market cap is a blunt measurement, not realizable liquidity
The supply, collector base, mechanics & market regime are all different
But it does put into perspective the magnitude of the Checks price movement as the start of its burn mechanics approached
Current CREDITS floor cap: ~$8.79M
Checks Jan 17 floor cap: ~$9.54M
Checks Feb 7 floor cap: ~$65.64M
No prediction, just a cleaner ruler
Could CREDITS price action rhyme with Checks as Statement burns approach?
Let’s see what happens
There’s still so much of this story left to unfold, but I wouldn’t underestimate the potential