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