Connect with us
Active Currencies 14772
Market Cap $2,512,458,302,307.20
Bitcoin Share 51.45%
24h Market Cap Change $-1.52

ORDI dips 15% as whales sell off tokens amidst these concerns

2min Read

ORDI’s price has recorded a double-digit decline in the last 24 hours following concerns raised by Bitcoin Core developer Luke Dashjr.

Share this article

  • ORDI’s price fell by 15% in the last 24 hours.
  • This has been due to whale distribution following the concerns raised that BRC20 tokens spam the Bitcoin network.

BRC20 meme coin Ordi [ORDI] has recorded a single-day decline of 15% in the last 24 hours, data from CoinMarketCap revealed. 

Source: CoinMarketCap

This comes amid significant whale distribution following the concerns Bitcoin Core developer Luke Dashjr raised about the use of inscriptions on the Bitcoin [BTC] blockchain.

In a post made on X on 6th December, Dashjr noted that Ordinals and other BRC20 tokens are exploiting a vulnerability in Bitcoin Core to bypass transaction data size limits, leading to increased spam on the network.

AMBCrypto previously reported that the recent increase in activity around BRC20 tokens led to a surge in the number of pending transactions that clogged the network’s meme pool.

This resulted in longer waiting periods for transactions to be confirmed and higher transaction fees.

ORDI bears the brunt, but sentiment remains bullish

At press time, ORDI exchanged hands at $47.94. Its price has seen a 15% decline in the last 24 hours, while trading volume has decreased by 51% within the same period. 

On-chain sleuth Lookonchain found that whale sell-offs after Dashjr’s post resulted in the price drop.

However, despite the decline in value within the last 24 hours, ORDI traded at a 127% price high in the last week. According to data from CoinMarketCap, the token ranked as the asset the second-highest gains in the last seven days. 

On the daily chart, bulls were yet to relinquish total control to the bears. A look at the ORDI’s Moving Average Convergence/Divergence indicator (MACD) showed that the MACD line remained above the trend line.

This is typically considered a bullish signal as it suggests a potential for further price gains. 

Further, key momentum indicators were positioned above their respective center lines at press time. This indicated that ORDI accumulation outweighed sell-offs in the general market.

The token’s Relative Strength Index (RSI) was 67.64, while its Chaikin Money Flow (CMF) returned a value of 0.14.

Source: TradingView

Read Ordi’s [ORDI] Price Prediction 2023-24

However, while it has been established that most traders maintain a bullish outlook, it is also imperative to point out that there has been a decline in ORDI’s open interest since Dashjr’s post. 

Data from Coinglass revealed that this has dropped by 17% since the post was published on X. 


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.