Sign Up on MEXCOrdinals Price Prediction: Can Whales Propel ORDI To $100?
Ordinals (ORDI), a token issued on the Bitcoin Ordinals protocol, has recently achieved a first-of-its-kind milestone by becoming the first BRC-20 token with a market cap of over $1 billion. As a result, ORDI surged by 191% in a week to trade at $57 on Thursday, not to mention, a cumulative 452% growth in the last 30 days.
Although the token is experiencing unprecedented volatility, it had hit a new all-time high of $70 by December 5. ORDI boasts a market cap worth $1.2 billion backed by a 13.5% increase in trading volume to $2.2 billion, data by CoinMarketCap shows.
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Can Ordinals Price Keep The Rally Alive?
Ordinals price continues to uphold the uptrend despite the intense fluctuations following comments by Bitcoin Core developer Luke Dashjr.
According to Dashjr, Ordinals which are basically “inscriptions” that allow various forms of data including tokens, text, videos and more to be stored on the Bitcoin network came about after some developers exploited a loophole in the blockchain.
He said that Bitcoin Ordinals or non-fungible tokens (NFTs) were minted after “exploiting a vulnerability in Bitcoin Core to spam the blockchain.” He added that inscriptions have been used to bypass the Bitcoin block size limit of 4 MB “by obfuscating their data as program code.”
DashJr’s comments which to a certain extent threaten the rapidly growing Ordinals segment of the Bitcoin network caused fluctuations in ORDI price.
“This bug was recently fixed in Bitcoin Knots v25.1. It took longer than usual due to my workflow being severely disrupted at the end of last year (v24 was skipped entirely),” Dashjr wrote in a post on X.
In his opinion, the developer believes that “vulnerability” allowing Bitcoin Core to be exploited would be a thing of the past, thanks to two key upcoming protocol updates.
PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Core to spam the blockchain. Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`). By obfuscating their data as program code,…
— Luke Dashjr (@LukeDashjr) December 6, 2023
Meanwhile, whales continue to accumulate ORDI despite the comments Dashjr made. On-chain data released by blockchain monitoring platform Lookonchain revealed that 30 whales hold 16.78 million ORDI in total, carrying a dollar exchange value of $950 million.
These whales, although few, account for almost 80% of the total ORDI supply.
2/ The top 30 holders of $ORDI hold a total of 16.78M $ORDI($950M), accounting for 79.94% of the total supply.
Compared with November 9, the distribution of $ORDI is more concentrated.https://t.co/cEkSihLy0u pic.twitter.com/cCUGvHh1ea
— Lookonchain (@lookonchain) December 7, 2023
Whales from exchanges Binance, Bybit, KuCoin, and Gateio have since May accumulated 57,299 ORDI worth $3.15 million in December. Some whales started accumulating ORDI before the surge. Intriguingly, these whales still hold the tokens despite the surge.
Other whales may have contributed to the price fluctuations because of Dashjr’s comments, as they sold to profit. Lookonchain highlighted bc1puc, a wallet address that offloaded 59,000 ORDI worth $3.54 million, making roughly $2.3 million in profit.
If the support at $55 due to the presence of the 21 Exponential Moving Average (EMA) holds, ORDI may resume the uptrend and quickly close the gap to $70.
The Relative Strength Index (RSI) shows that bulls have a chance to reinforce their grip, with support at the midline coming in strongly. Investors are most likely waiting for ORDI to confirm movement above $60 before rallying behind the token for potential gains toward $100.
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