It's always a creature spell while it's on the stack
Its a very well-established, powerful archetype, in other words
Wrap Up Asylum Visitor | Illustration by Bastien L
Counters, Auras, Equipment, and other effects that affected those two cards don't affect the melded permanent
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That said, since you have to discard the card at your next upkeep, it means that if you play it turn 2 you will need a madness card for 2 or less mana to be able to play it