Coin Edition -
- BRC-20 token Ordinal (ORDI) faces volatility after Bitcoin developer Luke Dashjr criticizes Ordinals, labeling it as “spam” exploiting a Bitcoin Core vulnerability.
- Dashjr suggests Ordinals may cease to exist once the vulnerability is fixed, causing a 15% decline in ORDI’s price to $51.72.
- Some whales actively accumulated ORDI, but others strategically sold, with one whale securing profits exceeding $2.3 million.
In the last two days, the price of the BRC-20 token Ordinal (ORDI) has experienced significant fluctuations following a Bitcoin Core developer’s claims that Ordinals is an attack on Bitcoin. Lookonchain, a prominent crypto analysis platform, delves into the market dynamics surrounding ORDI and explores whether whales are selling or accumulating the token.
Is It the End for Bitcoin Ordinals?
In an X post, Luke Dashjr, Bitcoin developer and co-founder of the Ocean mining pool, criticized inscriptions like Ordinals and BRC-20 tokens on the Bitcoin blockchain, labeling them as “spam.” He argued that these inscriptions exploit a vulnerability in Bitcoin Core.
When asked if Ordinals and BRC-20 tokens would cease to exist once the vulnerability was fixed, Dashjr confirmed that they would no longer be operational. As a result, the market correction saw ORDI experience a decline of over 15% from its opening price on December 6 to its current price of $51.72. Nonetheless, at the time of writing, ORDI’s price has risen more than 160% in the past 7 days and more than 370% in the past month.
Concentration of ORDI Holdings
Lookonchain’s analysis reveals intriguing insights into the distribution and ownership of ORDI. The top 30 holders of ORDI at the time of Lookonchain’s report possess a combined total of 16.78 million ORDI, equivalent to $950 million, representing 79.94% of the total supply.
Affected by the tweets of Bitcoin Core developer Luke Dashjr, the price of $ORDI has fluctuated greatly in the past 2 days.Did whales sell or continue to accumulate $ORDI?1/