The first token on the Bitcoin network made it into the top 100, gaining 420% in a month

Since gaining popularity in 2023, ordinals and the BRC-20 token standard have divided the Bitcoin (BTC) community. These innovations are creating an entirely new ecosystem of fungible and non-fungible tokens (NFTs) that can be speculated on. Now Ordi (ORDI) has become the first Bitcoin-based fungible token to enter the top 100 cryptocurrencies by market capitalization. Its growth has occurred in a controversial environment, as critics point to the lack of real value proposition of a completely speculative digital asset. Despite this, in early November, the largest trading platform Binance added ORDI as the first Bitcoin-based token available for trading. As a result, the increased demand for ORDI and other BRC-20 tokens has become the main reason for the rapid growth of commissions on the Bitcoin network in recent weeks. According to CoinGecko, on the evening of November 22, ORDI was trading at $22.26, increasing the monthly increase to 447%. The 24-hour trading volume of the speculative token reached an impressive $247.64 million. As a result, 52.85% of the entire token market capitalization of $450 million changed address or owner.

Some experts believe that the speculative nature of ORDI allows it to be classified as a meme coin, such as Dogecoin (DOGE) or Shiba Inu (SHIB).