“ Ordi’s founder needs to open up his mind.”
According to Dune data provided by Domo, Bitcoin Ordinals trading volume rose to its highest level since May on Tuesday (November 7), with about $14.7 million worth of Bitcoin assets traded.
Source: Dune
Launched earlier this year, Ordinals allows users to create, view and track additional information associated with each satoshi (equivalent to 1/100,000,000 of a whole bitcoin), whether it’s a work of art, a photographic record or a document.
The majority of Tuesday’s volume took place on the OKX exchange, which launched trading support for Ordinals in May, accounting for 6,100 or 60% of daily Ordinals trades.
However, the Dune data provided by Domo does not reflect Binance’s recent activity. The leading cryptocurrency exchange by trading volume also initially launched support for image-based Ordinals in May, but on Thursday began allowing customers to trade its first BRC-20 token, ORDI.
As of writing, ORDI price has risen 144% in the last 24 hours to a high of $14.20 on $471 million in trading volume before falling back slightly to current levels.
ORDI Price Chart
In addition to the recent renewed interest in Bitcoin due to its rally to $35,000, Charlie Spears of bitcoin mining firm Luxor Technologies said Binance’s move to support ORDI “has thrown everything associated with Ordinals out the window,” whether it’s fungible tokens or JPEGs.
"Binance alone dwarfs the total volume of Ordinals across all markets. You have Ordinals fungible tokens, and then you have Ordinals NFTs, JPEGs, and they tend to work in parallel."
The BRC-20 token was pioneered by Domo and is inspired by Ethereum’s ERC-20 standard, which has been used for many tokens, such as Tether’s stablecoin USDT. Domo launched the first BRC-20 token, ORDI, in March, initially as a test.
Ordinals creator Casey Rodarmor mentioned Binance’s support for ORDI, clarifying the token’s connection to the protocol. He said the exchange mistakenly referred to Domo’s token as “Ordinals” and incorrectly linked http://ordinals.com as ORDI’s “official website.”
“ORDI is not involved in the Ordinals Project. I hope this issue will be resolved soon. ORDI is not affiliated with the Ordinals Project, The Open Ordinals Institute, or The Ordicord. These links must be removed and the token must not be named “Ordinals”. The name of the token is “ORDI”.
The increase in Ordinals trading also comes as the NFT market is showing signs of recovery. Although the industry was the focus of the NFT special on The Simpsons on Sunday night (November 5), NFT trading volume hit a three-month high the next day.
The Ordinals’ activity raised concerns among some Bitcoiners in May when transaction fees for high-priority transactions increased to at least 654 sats/vB, or about $26. On Tuesday, the fee rate for high-priority transactions reached 98 sats/vB, or about $5.
Influential NFT companies like Bored Ape Yacht Club’s Yuga Labs have already used Ordinals to create art on Bitcoin, and momentum for the protocol has grown in the first half of the year due to enthusiasm for BRC-20. This continues to happen with Binance’s move.
“We are losing momentum after BRC-20 volatility peaked in May and tapered off in August. When BRC-20 soars due to tokens listed on Binance, it will have a negative impact on the broader Bitcoin NFT ecosystem,” Spears said.
✏️Disclaimer: This article is for reference only, DYOR
Source: Alpha Investment Research
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