Ordinals (ORDI) Price Hit All-Time High; What Next?

The post Ordinals (ORDI) Price Hit All-Time High; What Next? appeared first on Coinpedia Fintech News

ORDI has experienced significant price changes, largely influenced by statements from Luke Dashjr, a prominent figure in the Bitcoin Core development team. Over the last 48 hours, these fluctuations have drawn attention to the actions of major ORDI holders, igniting discussions about their impact on the market.

Tracking the Whales

In-depth analysis by Lookonchain reveals that the majority of ORDI is held by a small group of whales. Recent data shows that the top 30 ORDI holders possess approximately 16.78 million ORDI, worth close to $950 million, which is about 80% of the currency’s total supply. This concentration has increased from earlier figures, indicating a growing accumulation among these large investors. Notably, the top 50 holders now control about 12.4 million ORDI, valued at $143 million, or almost 59% of the total supply.

Affected by the tweets of Bitcoin Core developer Luke Dashjr, the price of $ORDI has fluctuated greatly in the past 2 days.

Did whales sell or continue to accumulate $ORDI?

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Here is a thread. pic.twitter.com/zDKuliirIv

— Lookonchain (@lookonchain) December 7, 2023

Interestingly, two significant holders have been steadily gathering more ORDI. These individuals, identified as users of the OKX Exchange, have acquired around 57,299 ORDI, worth approximately $3.15 million, since May. These acquisitions occurred through multiple exchanges, including Bybit, Gateio, KuCoin, and Binance. Their holdings place them as the 2nd and 10th largest ORDI holders, respectively. 

Furthermore, specific wallet addresses highlight interesting patterns. For instance, one address received nearly 150,000 ORDI, valued at about $2 million, from Binance and Gateio in May and November at an average price of around $13.5. Another address accumulated over 184,000 ORDI, worth approximately $4.26 million, from Binance between November 17 and 23, when the price was about $23.

Strategic Exits and Market Reactions

In contrast, some whales chose to sell their holdings for profit, especially following Dashjr’s tweets. One particular investor sold 59,000 ORDI for around $3.54 million before a notable drop in ORDI’s price, netting a profit of over $2.3 million. This move suggests a strategic exit influenced by the developer’s comments.

At the time of writing, ORDI’s value stands at $52.27, marking a nearly 13% increase in the past day.