ORDI Token Experiences 20% Intraday Surge and Subsequent Decline

by Nik Asti

Published: December 14, 2023 at 7:20 am Updated: December 14, 2023 at 7:20 am

by Victor Dey

Edited and fact-checked:
December 14, 2023 at 7:20 am

In Brief

ORDI token briefly exceeded 62 USDT and then fell back trading at 60.5 USDT, seeing an intraday increase of 19.58%.

ORDI Token Experiences 20% Intraday Surge and Subsequent Decline

The largest BRC-20 token in the Ordinals ecosystem — ORDI experienced a significant price fluctuation recently. According to OKX market data, ORDI briefly surpassed 62 USDT before falling back to 60.5 USDT, marking an intraday increase of nearly 20%.

Over the past month, ORDI token has seen an extraordinary surge in market capitalization. Since November 5, the token’s value has soared by almost 1,000%, reaching a market cap of over $1.1 billion.

Renowned Bitcoin Core developer Luke Dashjr’s recent criticism of the Ordinals feature, labeling it a “scam,” has significantly influenced the cryptocurrency market. This remark notably impacted the price of ORDI.

Following Dashjr’s critical comments, ORDI’s price experienced a sharp decline, falling below 50 USDT to 48.6 USDT. This represented a drop of over 9% in just 15 minutes, illustrating the potent effect of Dashjr’s statements on investor sentiment.

The recent price movements of ORDI serve as a textbook example of the inherent volatility in the cryptocurrency market. The token’s surge to over 62 USDT, followed by a quick fallback, is indicative of the rapid shifts that can occur in response to market sentiments and external comments.

The fluctuating journey of ORDI offers crucial insights for investors in the crypto space. It highlights the need for diligence and the importance of staying informed about industry developments and expert opinions. These factors can significantly influence token valuations and should be integral considerations in investment strategies.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti