Flow

Core

Bitcoin

ORDI

MN Coin

<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105412/ambcrypto_Prompt_-_A_vast_ocean_scene_with_a_digital_twist_port_b8a29504-7dbe-488f-a9bc-7c03f3c3ae86.jpg" class="attachment-full size-full wp-post-image" alt="" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105412/ambcrypto_Prompt_-_A_vast_ocean_scene_with_a_digital_twist_port_b8a29504-7dbe-488f-a9bc-7c03f3c3ae86.jpg 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105412/ambcrypto_Prompt_-_A_vast_ocean_scene_with_a_digital_twist_port_b8a29504-7dbe-488f-a9bc-7c03f3c3ae86-300x225.jpg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105412/ambcrypto_Prompt_-_A_vast_ocean_scene_with_a_digital_twist_port_b8a29504-7dbe-488f-a9bc-7c03f3c3ae86-1024x768.jpg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105412/ambcrypto_Prompt_-_A_vast_ocean_scene_with_a_digital_twist_port_b8a29504-7dbe-488f-a9bc-7c03f3c3ae86-768x576.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul>
 <li>ORDI’s price fell by 15% in the last 24 hours.</li>
 <li>This has been due to whale distribution following the concerns raised that BRC20 tokens spam the Bitcoin network.</li>
</ul>
<a href="https://eng.ambcrypto.com/search/brc20" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BRC20</a> meme coin <a href="https://eng.ambcrypto.com/search/ordi" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ordi [ORDI]</a> has recorded a single-day decline of 15% in the last 24 hours, data from <a href="https://coinmarketcap.com/currencies/ordi/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a> revealed.&nbsp;
<div id="attachment_81380" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105046/ORDI_1D_graph_coinmarketcap.jpeg" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81380" loading="lazy" class="wp-image-81380 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105046/ORDI_1D_graph_coinmarketcap.jpeg" alt="" width="1420" height="792" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105046/ORDI_1D_graph_coinmarketcap.jpeg 1420w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105046/ORDI_1D_graph_coinmarketcap-300x167.jpeg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105046/ORDI_1D_graph_coinmarketcap-1024x571.jpeg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105046/ORDI_1D_graph_coinmarketcap-768x428.jpeg 768w" sizes="(max-width: 1420px) 100vw, 1420px"></a>
 Source: CoinMarketCap
</div>
This comes amid significant whale distribution following the concerns Bitcoin Core developer Luke Dashjr raised about the use of inscriptions on the <a href="https://eng.ambcrypto.com/search/btc" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> blockchain.
In a post made on X on 6th December, Dashjr noted that Ordinals and other BRC20 tokens are exploiting a vulnerability in Bitcoin Core to bypass transaction data size limits, leading to increased spam on the network.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 PSA: “Inscriptions” are exploiting a vulnerability in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> Core to spam the blockchain. Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`). By obfuscating their data as program code,…
 — Luke Dashjr (@LukeDashjr) <a href="https://twitter.com/LukeDashjr/status/1732204937466032285?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 6, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
AMBCrypto previously <a href="https://eng.ambcrypto.com/bitcoin-brc20-token-crosses-1-billion-market-cap-whats-next/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> that the recent increase in activity around BRC20 tokens led to a surge in the number of pending transactions that clogged the network’s meme pool. 
This resulted in longer waiting periods for transactions to be confirmed and higher transaction fees.
<h4>ORDI bears the brunt, but sentiment remains bullish</h4>
At press time, ORDI exchanged hands at $47.94. Its price has seen a 15% decline in the last 24 hours, while trading volume has decreased by 51% within the same period.&nbsp;
On-chain sleuth Lookonchain found that whale sell-offs after Dashjr’s post resulted in the price drop.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Affected by the tweets of Bitcoin Core developer Luke Dashjr, the price of <a href="https://twitter.com/search?q=%24ORDI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ORDI</a> has fluctuated greatly in the past 2 days.
 Did whales sell or continue to accumulate <a href="https://twitter.com/search?q=%24ORDI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ORDI</a>?
 1/<img src="https://s.w.org/images/core/emoji/13.1.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;">
 Here is a thread. <a href="https://t.co/zDKuliirIv" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/zDKuliirIv</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1732685242371293206?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 7, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
However, despite the decline in value within the last 24 hours, ORDI traded at a 127% price high in the last week. According to data from CoinMarketCap, the token ranked as the asset the second-highest gains in the last seven days.&nbsp;
On the daily chart, bulls were yet to relinquish total control to the bears. A look at the ORDI’s Moving Average Convergence/Divergence indicator (MACD) showed that the MACD line remained above the trend line.
This is typically considered a bullish signal as it suggests a potential for further price gains.&nbsp;
Further, key momentum indicators were positioned above their respective center lines at press time. This indicated that ORDI accumulation outweighed sell-offs in the general market.
The token’s Relative Strength Index (RSI) was 67.64, while its Chaikin Money Flow (CMF) returned a value of 0.14.
<div id="attachment_81384" style="width: 100%" class="wp-caption alignnone"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-81384" loading="lazy" class="size-full wp-image-81384" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10.png" alt="" width="2368" height="1302" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10.png 2368w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10-300x165.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10-1024x563.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10-768x422.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10-1536x845.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/08105317/ORDIUSDT_2023-12-08_06-23-10-2048x1126.png 2048w" sizes="(max-width: 2368px) 100vw, 2368px"></a>
 Source: TradingView
</div>
Read&nbsp;<a href="https://ambcrypto.com/predictions/ordinals-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ordi’s [ORDI] Price Prediction</a>&nbsp;2023-24
However, while it has been established that most traders maintain a bullish outlook, it is also imperative to point out that there has been a decline in ORDI’s open interest since Dashjr’s post.&nbsp;
Data from <a href="https://www.coinglass.com/currencies/ORDI" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinglass</a> revealed that this has dropped by 17% since the post was published on X.&nbsp;
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/ordi-dips-15-as-whales-sell-off-tokens-amidst-these-concerns/" data-wpel-link="internal" target="_self">ORDI dips 15% as whales sell off tokens amidst these concerns</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

ORDI dips 15% as whales sell off tokens amidst these concerns

AMBCrypto

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