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Ordinals Inscriptions and the BRC-20 token standard have divided the Bitcoin (BTC) community after a surge in popularity in 2023. The increasing adoption is perhaps redefining the meaning of DeFi in Bitcoin and creating a brand new Non-Fungible Token (NFT) ecosystem that could spark rumors.
ORDI Coin Reviews
First and foremost, Ordi (ORDI) became the pioneering Bitcoin-based token to enter the top 100 cryptocurrencies by market capitalization, attracting attention. Its rise also brought about debates and speculation. Critics believed that ORDI was purely a speculative asset and lacked a true value calculation.
Furthermore, the growing demand for ORDI and other BRC-20 tokens was blamed for the rapid increase in Bitcoin fees in recent weeks.
This feature caught the attention of leading services in the crypto industry, such as the cryptocurrency exchange Binance. The largest trading platform listed ORDI as the first Bitcoin-based token available for trading earlier this month.
ORDI Price Analysis and Future
Meanwhile, ORDI continued to trade at $21.39 at the time of writing, with a staggering 364% increase in the last 30 days, according to the analysis.
Interestingly, this Bitcoin-based speculative token recorded an impressive volume of $247.64 million in the 24-hour period. This results in 52.85% of the $450 million market capitalization changing hands in one day.
As a leading Bitcoin-based interchangeable token, ORDI has the same maximum BTC supply with full circulation. However, despite its recent success, fundamental analysts recommend caution due to ORDI’s inherently speculative nature.
In this context, ORDI is sometimes classified as a memecoin like Dogecoin (DOGE) or Shiba Inu (SHIB). While DOGE is a native coin of its own blockchain, similar to BTC, SHIB is an ERC-20 token that operates on the Ethereum (ETH) network. Similarly to Shiba Inu, ORDI works on the Bitcoin blockchain through its controversial ordinals inscription technology.
