What does it mean that coins like ORDI, which have a low market cap, have liquidation volumes similar to those high market cap coins like PEPE, XLM, PNUT, and ARB?

It indicates that there are a lot of people going long on ORDI, many are optimistic, and the position is heavy.

Similar to ETH a month ago, there are particularly many optimistic people; this doesn't mean it won't rise,

it's just a bit difficult, many longs have almost died, and the position is lighter.

In the past six months, new coins that have come out, and old coins from three years ago, have relatively lighter positions.