• About Us
  • Careers
  • Contact
No Result
View All Result
Saturday, September 27, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

Riding the Bitcoin Wave: Will ORDI Continue Its Remarkable Rise?

14 December 2023
in Market Analysis
Reading Time: 6 mins read
116 2
Home Market Analysis

Contents

Toggle
  • The Origin Of ORDI and its Interesting Run in 2023
  • A Threat to ORDI ‘s Future: Vulnerability Issues Surrounding The Ordinals Protocol
  • Analysis of ORDI’s Current Price Action
  • Final Thoughts

Memecoins have been a constant presence in the crypto world since the inception of Bitcoin. However, their primary function often appears to be enabling investors to capitalize on prevailing trends. Consequently, the continuous, daily, creation of thousands of memecoins stems from the anticipation of leveraging market hype for substantial profits.

The latest entrant to the memecoin arena, the ORDI token, has recently achieved significant numbers, prompting speculation about its potential to replicate the successes of ‘dog coins’ like Dogecoin and Shiba Inu. 

Notably, ORDI made history on December 5 by becoming the first BRC-20 token to reach a $1 billion market cap, which has now increased to $1.2 billion. The token has experienced two distinct all-time-high prices within the last two months.

ORDI price charts on DeFi Planet

On November 16, ORDI initially surged to a new all-time high of $27, accompanied by a market capitalization that exceeded $428 million. According to CoinGecko data, ORDI achieved another all-time high on December 5, surpassing $69, marking an 850% surge from around $6.80 on November 5.

In the first week of December alone, ORDI witnessed a 216% increase and is currently showing a 14.42% uptick this week. This surge followed a period of healthy correction and price range, and its current price stands at $56.83.

The Origin Of ORDI and its Interesting Run in 2023

Despite being categorized as a memecoin with no intrinsic value, ORDI has gained traction and market capitalization owing to its inventive use of the Bitcoin blockchain.

ORDI is based on the Ordinals protocol, and it is the first BRC-20 token on the Bitcoin blockchain. It boasts a total supply of 21 million coins, mirroring Bitcoin’s structure. 

As mentioned, the latter part of 2023 saw a substantial surge in ORDI’s price and trading volume, particularly following its listing on major cryptocurrency exchanges such as Binance, OKX, Bybit, and DigiFinex.

Another significant development was Binance Pool’s introduction of an Ordinals inscription service, enabling users to inscribe data to Satoshis through Binance’s mining pool. Binance further incentivizes users by launching a reward campaign for those depositing at least 72 ORDI to their accounts, sparking a notable buying spree. Additionally, Ordinals found integration with Reactor, a decentralized platform facilitating the creation and management of NFTs on the Bitcoin blockchain.

A Threat to ORDI ‘s Future: Vulnerability Issues Surrounding The Ordinals Protocol

The Bitcoin Ordinal protocol, created by Casey Rodarmor in 2022, allows for the creation of non-fungible tokens (NFTs) directly on the Bitcoin blockchain. The protocol is simply a set of processes that enables the inscription of additional data on individual satoshis (SATs) on the Bitcoin blockchain. (SATs are the smallest units of Bitcoin; 100,000,000 satoshis equals one Bitcoin.) 

The emergence of Ordinals has closely correlated with the rise of the ORDI token. Bitcoin Ordinals development led to the introduction of the BRC-20 token standard, which enabled the rise of ORDI, the memecoin representing Ordinals tokens. 

However, the rise of Bitcoin Ordinals has sparked debates in the crypto community. Critics argue that using block space for inscribed satoshi Ordinals is inefficient, potentially causing increased Bitcoin transaction fees and slower transaction times for all users. However, proponents believe in the potential of the protocol to expand Bitcoin’s utility beyond financial transactions.

Apart from creating Ordinal NFTs, the protocol could be used for attaching ordinal satoshis to security tokens or stablecoins, enabling Bitcoin smart contracts, and broadening cryptocurrency adoption. These debates have divided the Bitcoin community, with some calling for the resolution of the “Ordinals bug” due to blockchain spam concerns, while others argue that as long as inscriptions are profitable for miners, they will persist.

The discussions took a different turn when the National Vulnerability Database, a division of the US Department of Commerce, officially included Ordinals in its database with the CVE-2023-50428 designation. This highlights a potential vulnerability introduced into the Bitcoin infrastructure. Essentially, Ordinals introduce a problem, hiding extra information in the system, making the network slower, less secure, and less efficient.

This move by the National Vulnerability Database reflects the increasing attention of government authorities to the security aspects of cryptocurrencies. It underscores their growing awareness and proactive measures to navigate the evolving landscape of digital assets and associated risks while maintaining robust security.

Analysis of ORDI’s Current Price Action

ORDI price action on DeFi Planet

Despite various challenges surfacing, the fundamental outlook for ORDI appears under threat. However, its price performance has remained robust and decidedly bullish as we approach the close of 2023. The price is confidently above the 50-day moving average (depicted by the green line), even though it has been consolidating within the $47 to $57 price range, as illustrated in the Fibonacci retracement drawing. This consolidation is a typical response following its recent surge in value over the past few weeks.

It’s crucial to highlight that ORDI’s price is anticipated to closely follow Bitcoin’s movements, similar to how Ordinal Inscriptions have behaved historically. The positive correlation with Bitcoin’s NFT space activities further reinforces this connection, as the NFT space is intricately linked with Bitcoin’s price. Therefore, an increase in Bitcoin’s value is likely to drive more users to inscribe NFTs, triggering a potential surge in ORDI toward its all-time high of $69.

Another noteworthy aspect is that, unlike many other memecoins boasting billions or even trillions of tokens, ORDI mimics Bitcoin’s finite supply with just $21 million tokens. This scarcity might be perceived as a key metric enhancing the token’s value, potentially motivating traders and investors to contribute to increased buying pressure and propel ORDI’s price toward $100 or $200.

Final Thoughts

A positive outlook on Bitcoin could result in substantial gains for ORDI. The token has experienced early success and holds a unique position as the official token of the Bitcoin Ordinals protocol. Its current bullish trend, influenced by its correlation with the expanding Bitcoin NFT space, remains evident despite concerns and notable attention from both the government and the crypto community.  

However, it’s crucial to acknowledge the potential impact of government scrutiny and community apprehensions, especially amid discussions to potentially halt the continuation of Ordinals on the Bitcoin network. The fate of ORDI hinges on these considerations.

 

Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.

If you would like to read more articles (news reports, market analyses) like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: BitcoinBRC-20ORDIOrdinals
Share69Tweet43Share12
Previous Post

Crypto Fear and Greed Index; What Is It and How Does It Work?

Next Post

Injective Outperforms BTC and ETH in 2023: What’s Next for This L1 Blockchain?

Desire Omunakwe

Desire Omunakwe

Desire Omunakwe is a senior writer at Defi Planet. With a knack for simplifying complex topics, he empower readers to understand and navigate the world of digital assets.

Related Posts

Network Tokens on the Edge: Commodities vs Securities and the SEC’s Next Big Move
Market Analysis

Network Tokens on the Edge: Commodities vs Securities and the SEC’s Next Big Move

25 September 2025
source: businesspost.ng
Stablecoins

Tether Eyes $20B Fundraise at $500B Valuation

24 September 2025
Do Tokenized Stocks Confuse Investors? Risks You Should Know
Crypto

Do Tokenized Stocks Confuse Investors? Risks You Should Know

20 September 2025
Can Europe’s Stablecoin Ambitions Withstand Pressure From the US and China?
Stablecoins

Can Europe’s Stablecoin Ambitions Withstand Pressure From the US and China?

19 September 2025

Editors Picks

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

Mining vs. Staking: Which Crypto Validation Method Will Shape the Future?

byOlajumoke Oyaleke
15 July 2025
0

Where Are the Ethereum-Killers Now?

Where Are the Ethereum-Killers Now?

byOlayinka Sodiqand1 others
6 January 2025
0

source: investorplace.com

How to Find the Newest Cryptocurrencies Before They’re Listed

byOlayinka Sodiq
30 December 2024
0

Exploring the Role of AI in Enhancing DeFi Security

Exploring the Role of AI in Enhancing DeFi Security

byOlayinka Sodiq
1 October 2024
0

The Ultimate Guide to How NFT Royalties Work

The Ultimate Guide to How NFT Royalties Work

byAdedamola Ojedokun
17 April 2024
0

Read More

Chain of Thoughts

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

Markets Update

Network Tokens on the Edge: Commodities vs Securities and the SEC’s Next Big Move

2 days ago

Tether Eyes $20B Fundraise at $500B Valuation

3 days ago

Do Tokenized Stocks Confuse Investors? Risks You Should Know

7 days ago

Can Europe’s Stablecoin Ambitions Withstand Pressure From the US and China?

1 week ago

Your Weekend Crypto Roundup | September 2025 (Week 3)

1 week ago

Crypto, Privacy, and Judicial Authority in the United States

1 week ago
Read More

Events

Blockchain Life 2025
Blockchain Life 2025
28 Oct 25

Spotlight

All about Ethereum
All about Algorand
All about Bitcoin
All about Gora

Press Releases

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves and Opportunities

bychainwire
26 September 2025
0

LYS Labs Moves Beyond Data and Aims to Become the Operating System for Automated Global Finance

bychainwire
26 September 2025
0

Dexari Unveils $1M Cash Prize Trading Competition

bychainwire
26 September 2025
0

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment to Compliance

bychainwire
25 September 2025
0

Phemex Revamps Blog to Deliver Deeper Insights and Enhanced Reader Experience

bychainwire
25 September 2025
0

Read More

ADVERTISING

ABOUT

TEAM

CAREERS

CONTACT

TERMS & CONDITIONS

PRIVACY POLICY

© Copyright 2025 DeFi Planet

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

Add New Playlist

No Result
View All Result
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

© Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00