ORDI, the altcoin affiliated with the Ordinals protocol, also known as memecoin on the Bitcoin network, saw a significant price increase after its listing on Binance. ORDI's price has increased by over 100% since listing.
Cryptocurrency analysis company Lookonchain shared some important onchain data about ORDI. According to their analysis, the top 50 holders of ORDI hold a total of 12.4 million ORDI, corresponding to $143 million. This constitutes 58.95% of the total supply.
The concentration of such an important supply in the hands of big whales also raises questions about decentralization.
ORDI's 8th largest wallet currently holds 644,000 ORDI worth $7.9 million. This wallet obtained its tokens by minting them through multiple addresses.
Interestingly, there are 15 addresses holding 100,000 ORDI each. These addresses obtained their ORDI through mint and have not yet sold it. These addresses have a total of 1.5 million ORDI worth $18.16 million, which is 7.2% of the total supply.
After ORDI was listed on Binance, a whale deposited 329,500 ORDI worth $4.09 million on Binance. The ORDI held by this whale was also obtained through minting.
Ordinals tokens are known as “tagged” satoshis that have no use case. These tokens, which increased in popularity for a while, remained stagnant for a while.
*This is not investment advice.