- ORDI’s share price has fallen by 15% in the past 24 hours.
- This is due to the distribution of whales following concerns that BRC20 tokens are spamming the Bitcoin network.
BRC20 meme coin Ordi [ORDI] has recorded a 15% drop in one day over the past 24 hours, data out CoinMarketCap revealed.
Source: CoinMarketCap
This comes amid a significant spread of whales due to concerns raised by Bitcoin Core developer Luke Dashjr over the use of inscriptions on Bitcoin [BTC] blockchain.
In a post to
PSA: “Inscriptions” exploits a vulnerability in #Bitcoin Core to spam the blockchain. Since 2013, Bitcoin Core has allowed users to set a limit on the size of additional data in transactions they transmit or mine (`-datacarriersize`). By obfuscating their data as program code,…
— Luke Dashjr (@LukeDashjr) December 6, 2023
AMBCrypto before reported that the recent increase in activity around BRC20 tokens has led to an increase in the number of pending transactions, clogging the network’s meme pool.
This resulted in longer wait times for transaction confirmation and higher transaction costs.
ORDI is bearing the brunt, but sentiment remains optimistic
At the time of writing, ORDI was exchanging hands at $47.94. The price is down 15% in the last 24 hours, while trading volume is down 51% over the same period.
On-chain sleuth Lookonchain found that the whale sell-off following Dashjr’s post resulted in a price drop.
Influenced by the tweets of Bitcoin Core developer Luke Dashjr, the price of $ORDI has changed a lot in the last 2 days.
Have whales sold off or continued to accumulate? $ORDI?
1/
Here’s a thread. pic.twitter.com/zDKuliirIv
— Lookonchain (@lookonchain) December 7, 2023
However, despite the drop in value over the past 24 hours, ORDI traded at a price of 127% over the past week. According to data from CoinMarketCap, the token ranked as the asset with the second highest gain in the past seven days.
On the daily chart, the bulls had yet to surrender total control to the bears. A look at the ORDI’s Moving Average Convergence/Divergence (MACD) indicator showed the MACD line remaining above the trend line.
This is usually considered a bullish signal as it suggests the potential for further price gains.
Moreover, at the time of writing, the key momentum indicators were above their respective midlines. This indicated that ORDI’s accumulation exceeded the sell-off in the general market.
The token’s Relative Strength Index (RSI) was 67.64, while the Chaikin Money Flow (CMF) returned a value of 0.14.
Source: TradingView
Read Ordis [ORDI] Price prediction 2023-24
While it has been noted that most traders are maintaining a bullish view, it is also crucial to point out that since Dashjr’s post, there has been a dip in open interest in ORDI.
Dates of Mint glass revealed that this has dropped by 17% since the post was published on X.
