The BRC-20 token Ordinal (ORDI) has faced significant volatility after Bitcoin developer Luke Dashjr criticized Ordinals, labeling them as "spam" exploiting a Bitcoin Core vulnerability. Dashjr suggested Ordinals may cease to exist once the vulnerability is fixed, triggering a 15% price drop in ORDI to $51.72**. While some whales accumulated ORDI, others sold strategically—one secured profits exceeding **$2.3 million.
Is Bitcoin Ordinals Facing Extinction?
Luke Dashjr, a Bitcoin Core developer, argued that inscriptions like Ordinals and BRC-20 tokens exploit a vulnerability in Bitcoin Core. When questioned if these would disappear post-fix, Dashjr confirmed they would. This led to ORDI’s price plunging 15%, though it remains up 160% weekly and 370% monthly.
ORDI Ownership Concentration
Analysis by Lookonchain reveals:
✅ Top 30 ORDI holders own 79.94% of the supply (16.78M ORDI, worth $950M).
✅ This marks a surge from November 9, when the top 50 holders controlled 58.95%.
👉 Discover how whales are maneuvering ORDI
Whale Activity: Accumulation vs. Sell-Off
Accumulation Trends:
- Two major whales (OKX users) acquired 57,299 ORDI ($3.15M) in December.
- Some whales held long-term, like address
bc1q8u(149,999 ORDI, $2M) andbc1qrl(184,637 ORDI, $4.26M).
Strategic Dumping:
- One investor sold 59,000 ORDI ($3.54M)**, netting **$2.3M profit post-Dashjr’s remarks.
FAQs
Why did ORDI’s price drop 15%?
Due to Bitcoin developer Luke Dashjr’s claims that Ordinals exploit a vulnerability, suggesting they’ll be obsolete post-fix.
Are whales still buying ORDI?
Yes—some accumulated heavily in December, while others sold strategically for profits.
What percentage of ORDI do top holders control?
The top 30 holders own 79.94% of the supply, up from 58.95% in November.
👉 Explore ORDI’s market dynamics
Disclaimer: This content is for informational purposes only and not financial advice. Always conduct independent research before investing.