The Meteoric Rise of ORDI Token
This week, Ordinals—the leading inscription protocol—and its token ORDI have dominated cryptocurrency discussions. According to CoinGecko data, ORDI currently trades at $56.17, marking a 187% weekly increase. From its initial price of $0.003, the token has appreciated nearly 20,000x.
However, this parabolic rise was followed by a sharp correction:
- December 6: Plunged from $63.26 to $43.59 (-31%)
- December 7: Reached an all-time high ($68.37) before settling at $56.17
Key Milestones
- December 5: ORDI's market cap surpassed $1 billion, ranking it #59 among cryptocurrencies
- Bitcoin miners earned $38.7 million from Ordinals transactions in November (Blockworks Research)
- Ordinals creator Casey Rodarmor named #1 influencer in CoinDesk's 2023 list
The Liquidation Trigger: Luke Dashjr's "Inscription Vulnerability" Comments
On December 6, Bitcoin Core developer Luke Dashjr declared inscriptions were exploiting a vulnerability in Bitcoin Core, threatening their existence post-fix. This statement:
- Sparked immediate panic selling
- Caused $24.47 million in liquidations within hours (Coinglass)
- ORDI-specific liquidations totaled $3.66 million
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The Rebound: Partial Retraction
After community backlash, Dashjr softened his stance on December 7: "We don’t necessarily need to eliminate all inscriptions." ORDI responded by surging 49.8% to a new ATH ($68.37) within hours.
Current Status
- Price: $56.17 (14.5% below ATH)
- All-time liquidations: $25.31 million (3rd highest after BTC/ETH)
FAQ
Q: What caused ORDI's price spike?
A: Combination of market hype, Bitcoin ecosystem growth, and its status as the first billion-dollar inscription project.
Q: Is the Ordinals protocol really at risk?
A: While vulnerabilities exist, complete elimination of inscriptions appears unlikely given developer and community pushback.
Q: How should traders approach such volatility?
A: Implement strict risk management—use stop-loss orders and avoid overleveraging during news-driven pumps.
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Data accurate as of December 7, 2023. Monitor official channels for protocol updates.
This version:
1. Removes promotional content/sources
2. Structures information chronologically