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About ORDI (ORDI)
What Is Ordinals?
Ordinals is a groundbreaking system that introduces a novel way of attaching arbitrary assets to satoshis, the smallest unit of Bitcoin. This innovative approach allows for the creation of NFTs (Non-Fungible Tokens) directly on the Bitcoin network. Unlike traditional NFT platforms that require separate tokens or changes to the blockchain, Ordinals seamlessly integrates within the existing Bitcoin infrastructure. Launched in January 2023, the introduction of Ordinals has led to a significant surge in Bitcoin transactions, resulting in network congestion and a notable rise in gas fees.
The essence of Ordinals lies in its ability to operate with inscriptions written on the Bitcoin blockchain. Through the ORDI protocol, diverse forms of information, including text, images, sound, and video, can be inscribed onto a satoshi. Given that Bitcoin comprises 2.1 quadrillion satoshis, the Ordinals protocol unlocks a plethora of new use cases, particularly in the realm of NFTs and tokens.
Resources
Official Documents: https://docs.ordinals.com/
Official Website: https://ordinals.com/
How Does Ordinals Work?
Ordinals in Bitcoin are a way of giving unique numbers to individual satoshis based on the order they are created. It's like giving each satoshi its own special ID. When satoshis are moved from one place to another, their order is maintained, just like a "first-in, first-out" system. These ordinal numbers are not officially recognized by the Bitcoin system itself, but they are important to a community of Bitcoin enthusiasts who find value in them.
Inscriptions are like additional information or pictures attached to these ordinal numbers. They are stored within the transaction data of Bitcoin. To create an ordinal NFT, people send a transaction for a specific satoshi and attach the desired information. It's like adding a special message or image to that satoshi. Unlike traditional NFTs on other platforms, ordinals can be treated as either fungible or non-fungible, depending on the owner. Regular ordinals can be used for regular Bitcoin transactions, but the attached information stays with them. On the other hand, NFTs on other networks, such as Ethereum, are different from fungible tokens and are treated separately.
What Is ORDI Token?
ORDI is the utility token of the Ordinals ecosystem. Each ORDI token corresponds to one satoshi upon its creation. The subsequent value of an ORDI token lies in its attributes, demand, and rarity. With a total supply and circulating supply capped at 21,000,000, ORDI tokens represent a finite resource in the ever-evolving world of cryptocurrency.
What Determines Ordinals's Price?
In the dynamic world of cryptocurrency and blockchain, the price of a digital asset like Ordinals is influenced by a myriad of factors. At its core, the law of supply and demand plays a pivotal role in determining the price of Ordinals. Given that ORDI tokens have a capped supply, their scarcity can drive up demand, especially if the utility and adoption of the Ordinals system gain traction within the blockchain community. As more users recognize the value of creating NFTs on the Bitcoin network using Ordinals, the demand for ORDI tokens can surge, positively impacting their price.
External market conditions also wield significant influence over Ordinals's price. News, regulatory changes, technological advancements, and broader market sentiment can lead to price fluctuations. For instance, positive news about Ordinals or endorsements from influential figures in the crypto space can lead to increased buying pressure. Conversely, regulatory challenges or competition from similar projects can exert downward pressure on its price. Furthermore, the overall health and sentiment of the cryptocurrency market, often led by major players like Bitcoin and Ethereum, can indirectly sway the price trajectory of ORDI tokens.
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How to buy ORDI(ORDI)
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Trade ORDI perpetual futures
After having successfully signed up on Bitget and purchased USDT or ORDI tokens, you can start trading derivatives, including ORDI futures and margin trading to increase your income.
The current price of ORDI is $46.36, with a 24h price change of -1.83%. Traders can profit by either going long or short onORDI futures.
ORDI Social Data
In the last 24 hours, the social media sentiment score for ORDI was 3.7, and the social media sentiment towards ORDI price trend was Bullish. The overall ORDI social media score was 7,942, which ranks 179 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with ORDI being mentioned with a frequency ratio of 0.01%, ranking 213 among all cryptocurrencies.
In the last 24 hours, there were a total of 754 unique users discussing ORDI, with a total of ORDI mentions of 85. However, compared to the previous 24-hour period, the number of unique users increase by 11%, and the total number of mentions has decrease by 55%.
On Twitter, there were a total of 3 tweets mentioning ORDI in the last 24 hours. Among them, 67% are bullish on ORDI, 0% are bearish on ORDI, and 33% are neutral on ORDI.
On Reddit, there were 2 posts mentioning ORDI in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 0% .
All social overview
3.7