Do you remember that wave in 2023? ORDI, the token that once carried the halo of being the "first inscription in the Bitcoin ecosystem", made many people wake up in the middle of the night just to refresh their account balances. Some doubled their investments, some exchanged it for cars, and even some jokingly said: "During that time, not buying ORDI would make you feel embarrassed to say you're in the crypto world."
But what about now? The price is struggling around 8 dollars, trading volume is lukewarm, and community discussions are as quiet as the cicadas in autumn. Some joked: "Now even dogs are reluctant to pay attention to it." A joke, but it reveals a hint of the harsh reality.
Is it that people lack loyalty, making money and then running away? Or is it that this coin itself is 'uncompetitive'?
Once glorious, now silent
ORDI indeed had its shining moments. As the leader in the inscription track, it was once an amplifier of market sentiment. In a bull market, it was the clarion call; in a bear market, it was one of the few assets that could withstand the pressure. However, the crypto market has never believed in 'sentiment', only in 'narrative.' As the spotlight shifted from the Bitcoin ecosystem to AI, gaming, and Layer 2, ORDI's script seems to have been turned over.
The faith is still there, but the voices have quieted.
Old players still have feelings for ORDI, and some firmly believe it can 'rise again.' But the voices have quieted, not because of a lack of love, but because the market is too noisy. New coins are launched one after another, each story more enticing than the last, and funds and attention are constantly being diverted. ORDI feels like a has-been star; although there are still loyal fans, the spotlight has long moved away from it.
Is it the people who are disloyal, or the coin that is uncompetitive?
To say 'people are cold-hearted' is somewhat unjust. The cryptocurrency market is inherently driven by capital and dominated by narratives. Players move with the trends and seek profits; this is entirely normal. There are no eternal hot topics, only perpetual volatility.
To say 'the coin is uncompetitive' may be closer to the truth. The inscription track behind ORDI, after an initial explosion, has yet to see a real ecological breakthrough or application landing. Once the heat dissipates, without substantial support, prices naturally struggle to sustain. In other words, relying solely on the sentiment of having 'once been bullish' cannot support future price movements.
ORDI's fate is, in some ways, a microcosm of most Memecoins: in shining moments, it is chased by thousands, but in low valleys, no one pays attention. It is not the first, nor will it be the last.
Perhaps one day, the Bitcoin ecosystem will explode again, and ORDI can return to the table. But before that, it may have to sit on the cold bench for a long time. The market never lacks stories; what it lacks are stories that can be told continuously.
