We Find Three Reasons Why ORDI Breaks Through $80

In the past week, the Bitcoin-based BRC-20 meme currency "ORDI" experienced an unexpected rise. On March 5, ORDI once broke through 87 US dollars. Hitting a record high, although there was a slight downward adjustment later, the overall price still remained within the $80 range.  

In the context of the current crypto bull market environment, why can ORDI stand out in the field of BRC-20 meme coins? Koala Finance found some reasons.

Three reasons why ORDI is riding on the bull market to rise

ORDI is the first BRC-20 token issued on the Bitcoin blockchain, with a total supply of 21,000,000. The original intention of ORDI was just an experiment, mainly to test whether Ordinals theory can be used to deploy something similar to Ethereum. ERC20 fungible token issued on.

Frankly speaking, many users in the crypto community will mistake ORDI, the Bitcoin-based meme currency, as the native token of the Ordinals protocol. Despite this misunderstanding It was quickly corrected, but the price of ORDI did not improve much for a long time. You will find that ORDI has shown a growth attitude since early November, which is very consistent with the time when Bitcoin enters the next bull market cycle and the price rebounds and recovers. ORDI’s price surge has been surprising in recent days as Bitcoin prices broke above $69,000.

1. The BRC-20 inscription sector is hot. ORDI is the representative token of the BRC-20 inscription sector, which has recently received great attention from the market. After listing the ORDI token on November 7, Binance, the world’s largest cryptocurrency trading platform, started a craze for BRC-20 tokens. This move has caused many BRC-20 tokens such as SAT, RATS, and TURT to experience increases of several times or even hundreds of times, becoming the most watched market track in recent times.

2. ORDI’s own value. ORDI is the native token of the Ordinals protocol, which allows users to engrave various digital assets on the Bitcoin blockchain, including images, videos, audio, text, etc. This brings new possibilities to the Bitcoin ecosystem and gives ORDI unique value.

3. Driven by market sentiment. Against the background of the overall improvement of the cryptocurrency market, investors' enthusiasm for emerging tokens such as ORDI has also increased. This further pushed ORDI prices higher.

Does the exchange silently support ORDI behind the scenes?

It has been previously disclosed that the top 30 ORDI holders hold a total of 16.78 million ORDI (approximately US$950 million), accounting for 79.94% of the total supply. According to the analysis of the top ten ORDI addresses, five of them belong to exchanges such as Binance, OKX, Gate, etc., which means that the current focus of the ORDI market may have changed, from "casting" "The main focus is gradually turning to cryptocurrency exchanges, because the ORDI token "chips" are basically concentrated in the exchanges.

Relatively speaking, exchange giants have actually started to plan for the ORID market in advance. For example, OKX announced the opening of ORDI recharge as early as May this year, and then Binance announced the launch of ORDI on November 7, 2023. , it was about a month before ORDI surged.

It is undeniable that the sharp increase in the price of ORDI has attracted huge attention from the encryption community, and has also made many people begin to understand the Bitcoin ecosystem. Not only that, ORDI also promotes the development of the inscription track, and may even promote the development of the second-layer network of the Bitcoin blockchain. Users create off-chain transaction channels at the Layer 2 execution layer, and process transactions through off-chain computing methods, improving Scalability and throughput while reducing transaction costs.

Summary

It can be said that the emergence of ORDI can improve The value of Bitcoin enables Bitcoin to not only serve as a store of value, but also promotes the construction of more possibilities for the Bitcoin ecosystem, brings new vitality to the Bitcoin ecosystem, and promotes the further development of the Bitcoin ecosystem.

Of course, for any emerging project or protocol, there are uncertainties in sustainability and market recognition. In the current market where the cryptocurrency market is experiencing rapid growth, Against this background, ORDI's record high will also drive more people to pay attention to the construction of the Bitcoin ecosystem, which will also be of great help to the broader crypto ecosystem! But the last thing I want to say is that after the price of ORDI exceeded $80, the market is still full of expectations for the future development of the token. Some analysts believe that ORDI is expected to become the leader of the next round of BRC-20 meme currency bull market. However, investors also need to note that the cryptocurrency market is relatively risky and investment needs to be cautious.