The Surge of ORDI Token
The native token of Casey Rodarmor’s Ordinals Protocol, ORDI, experienced significant price gains during the holidays, along with other BRC-20 cryptocurrencies. On December 25th, ORDI rallied by as much as 37%, accompanied by a 131% increase in daily trading volume, reaching over $900 million. Its market capitalization also rose by 35% to surpass $1.5 billion. Despite no significant news or developments preceding this surge, it is speculated that the price movement is part of a profit rotation period observed among various Bitcoin inscription coins.
Ordinals Protocol and BRC-20 Tokens
ORDI is built on the Bitcoin Request for Comment (BRC-20) token standard created by pseudonymous developer Domo. This standard allows users to create and trade tokens on Bitcoin’s network, similar to ERC-20 tokens on Ethereum. Casey Rodarmor initiated the Ordinals Protocol and ORDI, believed to be one of the first Bitcoin inscriptions. Since its launch in the first half of 2023, the project has grown into a billion-dollar crypto asset. The BRC-20 token category now has a combined market capitalization exceeding $2.1 billion.
Controversies and Growing Popularity
Despite the increasing popularity of Bitcoin inscriptions and similar activities on other major blockchains, some developers consider the token standard a code bug and advocate for its removal from the leading decentralized network. Bitcoin Core developer Luke Dashjr has labeled inscriptions as fraudulent and proposed network upgrades to limit BRC-20 issuance on Bitcoin’s network. The issue has also been reported to U.S. authorities and recognized as a vulnerability by the National Vulnerability Database. Nevertheless, inscriptions continue to gain traction across multiple blockchains, occasionally leading to high transfer fees and network disruptions.
Hot Take: The Surprising Surge of ORDI Token
The recent surge in the price of ORDI, the native token of Casey Rodarmor’s Ordinals Protocol, has caught the attention of crypto enthusiasts. With double-digit gains in just 24 hours, ORDI has become one of the top-performing BRC-20 cryptocurrencies. Despite no major news driving this rally, it is believed to be part of a larger trend in profit rotation among Bitcoin inscription coins.
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