Since its popularization in 2023, the Ordinals Inscriptions and the BRC-20 token standard divided the Bitcoin (BTC) community. A growing adoption is now redefining the meaning of DeFi on Bitcoin, creating a brand new ecosystem of fungible and non-fungible tokens (NFTs) to speculate on.
Notably, Ordi (ORDI) is now the first Bitcoin-based fungible token to enter the top 100 cryptocurrencies by market capitalization. Its rise happened in a controversial environment, with critics pointing to the lack of a real value proposition for the fully speculative digital asset.
Moreover, the increased demand for ORDI and other BRC-20 tokens was also blamed as the cause for Bitcoin fees to skyrocket in the last weeks.
This feature gathered the attention of leading services in the cryptocurrency industry, such as the crypto exchange Binance. The largest trading platform listed ORDI early this month as its first Bitcoin-based token available for trade.
ORDI price analysis
In the meantime, ORDI is trading at $21.39 by press time with 418.72% of a 30-day accumulated gains, according to CoinMarketCap index.
Interestingly, this Bitcoin-based speculative token registers an impressive $247.64 million in the 24-hour volume. Resulting in 52.85% of its entire market capitalization of $450 million changing hands over a day.
The leading Bitcoin-based fungible token has the same maximum supply of BTC, with the difference that it is already fully circulating. However, despite its recent success, fundamental analysts recommend caution due to the absolute speculative nature of ORDI.
In this context, ORDI has sometimes been classified as a memecoin, such as Dogecoin (DOGE) or Shiba Inu (SHIB). DOGE is a native coin of its own blockchain, such as BTC, while SHIB is an ERC-20 token running on Ethereum (ETH). Similar to Shiba Inu, ORDI runs on the Bitcoin blockchain through the ordinals inscription controversial technology.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here