Recent development in BRC-20 attracting User Attention

ORDI is a unique cryptocurrency that simplifies online transactions. It allows users to make payments directly from their online banking accounts. It will integrate with existing online banking systems to offer a user-friendly experience without the need for complicated setups or additional accounts.

ORDI is based on Bitcoin and stands for Ordinals Inscriptions and the BRC-20 token standard. It has divided the Bitcoin community after a surge in popularity in 2023. 

Development of ORDI

Tokens based on the Bitcoin blockchain are emerging as the newest coins among market participants. The BRC-20 category of tokens has added 21% as a sector in the past 24 hours. 

The BRC-20 standard (BRC stands for Bitcoin Request for Comment) was developed and introduced in April 2023. It was introduced to allow users to issue transferable tokens directly through the network for the first time.

These tokens, called inscriptions, function on the Ordinals Protocol. This protocol allows users to embed data into the Bitcoin blockchain network by inscribing references to digital art into small Bitcoin-based transactions.

In November 2023, the ORDI token got listed on Binance, leading to a 50% price jump within hours. 

Working of ORDI

Ordi works using the Ordinals protocol, which allows users to trace data, such as texts, images, audio, and video, to each Satoshi. The total amount of Bitcoins is 21 million, and one can be subdivided into 100 million satoshi. Satoshi is the smallest unit of bitcoin, and there are 2100 trillion satoshi in total. 

An inscription is created by writing content for the satoshi. The inscription does not need to use a separate token or side chain or change Bitcoin. Ordinals protocol writes information to each Satoshi, such as text, pictures, audio, video, etc. 

Due to the size limit of the Bitcoin block, the main information for inscribing is mainly text and pictures, in the form of NFT and tokens.

Founders and Working Team of ORDI

ORDI was first inscribed by an anonymous user with the address bc1p…gy06 on March 8, 2023, at 12:16:31 PM.

It is not affiliated with the Ordinals project that Casey Rodarmor developed. He is a software engineer and an artist.

Rodarmor created the Ordinals protocol as a way to explore the possibilities of Bitcoin and NFTs. Apart from this, he was involved in the creation of other projects, such as ChatGPT, a chatbot based on OpenAI’s GPT-3 model.

Developments in ORDI in 2023

ORDI has seen a significant rise in prices and trading volume in 2023. This growth has seen a boom after getting listed on major cryptocurrency exchanges, such as Binance, OKX, Bybit, and DigiFinex.

The growing demand for ORDI and other BRC-20 tokens was blamed for the rapid increase in Bitcoin fees in the last few weeks.

This sudden rise has gained the attention of leading members of the crypto industry, such as the cryptocurrency exchange Binance. As a result, the largest trading platform listed ORDI as the first Bitcoin-based token available for trading earlier this month.

Price Movements in ORDI

The highest price of ORDI is $28.52, which was marked on May 8, 2023. The lowest price on which ORDI is traded is $2.86. The ORDI is currently trading in the range of $18 to $20. The prices of ORDI have given a monthly price return of 262.9%. 

ORDI Tokenomics

The current market cap and fully diluted valuation of Ordi are $404,207,475. Its current 24-hour trading volume is $162,344,520.89 and is rising from previous trading sessions, which can be interpreted as an increase in users’ interest in the particular token. 

It has a maximum supply of 21,000,000 tokens, which is equivalent to the circulating supply.

Future of ORDI

As a leading Bitcoin-based interchangeable token, ORDI has the same maximum BTC supply and full circulation. Despite its recent success, the fundamental analysts suggest that ORDI’s inherently speculative nature.

ORDI is sometimes classified as a memecoin, like Shiba Inu (SHIB) or Dogecoin (DOGE). DOGE is the native coin on its blockchain, similar to BTC, while SHIB is an ERC-20 token that operates on the Ethereum network.

Like Shiba Inu, ORDI works on the Bitcoin blockchain through its controversial Ordinals Inscription Technology.

Future Development in the ORDI space

Some popular social applications built on Bitcoin have started to develop and launch in-game tokens as part of attracting new users and growing revenues.

For instance, Alpha, an application that lets X (formerly Twitter) personalities issue keys on its app for access to a closed group chat, started to allow users to offer their own tokens to users last month.

These in-app tokens are designed with an app to be cheaper than keys. It will allow their holders to participate in community games and lottery wheels. 

Alpha tags itself as a super app that offers users a decentralized exchange, an NFT marketplace, and a gaming store.

Alpha developers believed that there was a gap for wealthy Bitcoin holders to use their assets on interactive applications and are constantly trying to fill that gap.

Where can a user buy ORDI?

ORDI tokens are traded on centralized crypto exchanges. The most popular exchange to buy and sell ORDI is Binance. Other exchanges include OKX and BingX.

Which is the most common trading pair?

The most popular trading pair is ORDI/USDT.

What is the current market sentiment for ORDI?

ORDI is currently following a bearish trend. The community is bearish, as more than 50% of users are negative about ORDI currently.

Which are the coins related to ORDI?

Some of the related coins are TRAC, MOON, ZBIT, DFUK, INSC.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.