Bitcoin Ordinals' ORDI Token Recovers After Brief Dip Cues from Developer

By: Eva Baxter

A renowned Bitcoin core developer, Luke Dashjr's claims on the potential bug in Ordinals created a brief shockwave in the crypto market causing Bitcoin Ordinals-based ORDI token, to momentarily fall below $50. The alleged bug pertains to Ordinals exploiting a vulnerability in the network to spam the blockchain. Regardless, latterly recovering to $51.49, the token has remained one of the most eminent digital assets in the current crypto market's bull run even after this upheaval.

Bitcoin Ordinals are digital assets likened to NFTs, inscribed on a satoshi, Bitcoin's lowest denomination, that momentarily escalated in popularity earlier this year, before triggering a wave of disputes in the community. Some see the boon in Ordinals as a debatably negative influence due to their proficiency to overwhelm the blockchain with data, while others view it as a progression of the network.

Dashjr, who is known to be a pronounced critic of Ordinals, hinted at a likely resolution to the bug and a halt to the further inscription of such assets if it is addressed adequately. This initiated varied reactions in the community - some labelled the action as censorship on the network while others, specifically Luke Dashjr, attacked inscriptions for bypassing data capacity limits via obfuscation as program code. Consequently, this divisive issue continues to evoke series of debates amongst participants.

Notwithstanding the short-lived price retracement, ORDI's success story over the past 30 days speaks volumes about its potential. ORDI registered a roughly 377% gain during this period, hitting an all-time high of $65, and shooting its market capitalization to $1.08 billion.