The increasing popularity of “Ordinals Inscriptions” and the BRC-20 token standard in the Bitcoin (BTC) community has caused divisions. This growing adoption is redefining the meaning of DeFi in Bitcoin and creating a new Non-Fungible Token (NFT) ecosystem that could lead to rumors.
Ordinance (ORDI) coin gained attention by entering the top 100 cryptocurrencies in terms of market value. This rise also brought along discussions and speculations. Critics argued that ORDI was merely a speculative asset and lacked a real value calculation.
The increasing demand for BRC-20 tokens was seen as the reason for the rapid increase in Bitcoin fees in recent weeks. Leading services such as Binance, a cryptocurrency exchange, paid attention to this situation. Binance listed ORDI as the first Bitcoin-based token that can be traded earlier this month.
Meanwhile, the price of ORDI at the time of writing was $21.39, experiencing an incredible increase of 364% in the last 30 days. This Bitcoin-based speculative token recorded an impressive trading volume of $247.64 million in the 24-hour period.
ORDI is a Bitcoin-based interchangeable token with the same maximum BTC supply and full circulation. However, despite its recent success, fundamental analysts recommend caution due to ORDI’s inherent speculative nature. In this context, ORDI is sometimes classified as a meme coin like Dogecoin (DOGE) or Shiba Inu (SHIB). While DOGE is a native coin of its own blockchain, SHIB is an ERC-20 token that operates on the Ethereum (ETH) network. Similarly to Shiba Inu, ORDI operates on the Bitcoin blockchain through controversial ordinals inscription technology.