From BTC Inscriptions to x402: What Makes Meme Coin PING Capable of Triggering the Next Market Boom

Core Points First

Someone asked why PING this Meme coin looks so much like the 2023 BTC inscription craze. My answer is straightforward: It’s not just similar, but following the same path. Even more intense is that this evolution might have greater potential.

Why does it look so similar? To put it simply

On-chain data + off-chain interpretation rights.

The way inscriptions work is like this: users send transactions and occupy UTXOs on the BTC mainnet, but the BTC mainnet itself can’t determine which transactions are “real inscriptions.” This task is taken over by the Ordinals protocol, which acts like a black-clad figure scanning all network transactions and defining what constitutes a valid inscription based on the “First is First” rule. The chain only handles transaction broadcasting; the true meaning is given by the off-chain indexer.

How does PING work? Users transfer USDC on the Base chain to a specific address—this address is dynamically returned by x402scan. From the perspective of the Base chain, this is just a normal ERC20 transfer; who would know you’re minting tokens? The real converter of this transfer into “mint PING” is the x402scan indexer. It scans USDC transfers on the chain, determines what is a valid mint according to its own rules (1 USDC = 5000 PING), then records it in a database and distributes via smart contract.

See? Same formula.

Looks similar, but there are some differences

When BTC inscriptions first appeared, the Bitcoin Core team didn’t give a friendly look, thinking it was just spam transactions cluttering the mainnet. Following this logic, PING’s approach is somewhat like “free-riding” on the x402 protocol—the user’s assets ultimately end up in wallets designated by x402scan.

Wait, don’t rush to criticize. From another perspective, this is actually a “call to arms”.

It forcibly creates use cases for the x402 protocol, instantly boosting its popularity. This is also a stress test for x402. Honestly, the emergence of PING is a singularity in the x402 narrative—it could spawn a bunch of improvements and ecosystem opportunities.

Will it evolve like inscriptions? Yes

The inscription market has evolved from BRC20 to ARC20, SRC20, Runes, wave after wave. x402 will follow the same path.

What issues does PING currently face? The biggest problem is asset custody is in the hands of the centralized entity x402scan, which contradicts the original intent of the x402 protocol designed for AI Agents’ payment channels. Compatibility is also questionable, with inconsistent operational standards (minting, transferring, burning all lack standards).

So, the next wave will definitely see new “inscriptions” claiming to be more “orthodox”—improving custody methods, changing mint transaction formats, gaining native protocol support… whatever you can think of. The most intense part is, even if x402scan runs away or the treasury is drained, this wave can’t be stopped. Pandora’s box has been opened, and nobody knows what will grow out of it next.

One sentence summary

The explosion of the x402 narrative is highly probable; PING has just sounded the charge. How the market evolves afterward has many possibilities. The upcoming excitement is worth following, but remember—this is cognitive analysis, not investment advice.