ORDI (ORDI)
First BRC-20 token on Bitcoin Ordinals; fully diluted meme with cultural value but zero protocol revenue or utility
Ranked 161st of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
ORDI scores 96 of 250 across the 25-variable framework, which places it 161st of 251 rated tokens and inside the lower half of the set. The framework verdict is PASS.
ORDI is a top-10 name in the set on 4 variables. The score rests on Supply Inflation 10/10, 1st of 251, Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251 and BTC Alpha Potential 6/10, 6th of 251.
Against the same universe, ORDI sits in the bottom third on Treasury Runway 1/10, 245th of 251, Team Execution 1/10, 244th of 251, Developer Activity 2/10, 238th of 251 and P/S Multiple 1/10, 234th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for ORDI. Price has to be justified by demand rather than absorbed against a cliff.
ORDI trades 96.5% below its all-time high of $95.52. Recovering that level is a 28.6x move, not a 96.5% one, which is the arithmetic most drawdown charts hide.
The framework score gained 5 points against the previous pass (91 to 96). Revisions of this size follow a change in the underlying variables, not a change in price.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 1 | 231st of 251 | |
| P/S Multiple | 1 | 234th of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 10 | 1st of 251 | |
| Vesting Schedule | 10 | 1st of 251 | |
| Circulating / FDV Ratio | 10 | 1st of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 6 | 21st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 1 | 229th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 2 | 238th of 251 | |
| Network Growth | 3 | 156th of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 7 | 12th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 6 | 6th of 251 | |
| Team Execution | 1 | 244th of 251 | |
| Treasury Runway | 1 | 245th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Bitcoin L2 narrative revival and any new Ordinals/BRC-20 hype cycle could spark short-term pump
Principal risk
Pure speculation, no protocol, no revenue, no utility; fully diluted at 21M supply; BRC-20 standard losing to Runes protocol
Market and supply
| Price | $3.34 |
| Market cap | $70.2Mrank 328 |
| All-time high | $95.525 Mar 2024 |
| Circulating supply | 21,000,000 |
| Eventual supply (total supply) | 21,000,000 |
| Dilution to full supply | 1x |
| Listed on | Binance, Bybit, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to ORDI measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Ordinals Protocol] ORDI is the first BRC-20 token, inscribed on Bitcoin Ordinals in March 2023 with fixed 21M supply
- [CoinGecko] ORDI ATH $99.84 in Dec 2023; down 95.8% as BRC-20 hype faded and Runes replaced the standard
- [Ordinals Blog] Runes protocol superseded BRC-20 as the primary Bitcoin fungible token standard in 2024
Common questions
- What is the Early Thunder score for ORDI (ORDI)?
- ORDI scores 96 out of 250 on the 25-variable framework, ranking 161st of 251 rated tokens (lower half). The framework verdict is PASS.
- What are ORDI's strongest fundamentals?
- ORDI ranks highest on Supply Inflation 10/10, 1st of 251, Vesting Schedule 10/10, 1st of 251, Circulating / FDV Ratio 10/10, 1st of 251 and BTC Alpha Potential 6/10, 6th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the ORDI thesis?
- ORDI scores in the bottom third of the universe on Treasury Runway 1/10, 245th of 251, Team Execution 1/10, 244th of 251, Developer Activity 2/10, 238th of 251 and P/S Multiple 1/10, 234th of 251. The single risk carried on the scorecard is: Pure speculation, no protocol, no revenue, no utility; fully diluted at 21M supply; BRC-20 standard losing to Runes protocol
- How much ORDI supply is still to enter circulation?
- 100% of eventual ORDI supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is ORDI from its all-time high?
- ORDI trades 96.5% below its all-time high of $95.52. Returning to that high requires a 28.6x move from the level used in this scoring pass.
- Which tokens have a similar profile to ORDI?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to ORDI are WIF (88), POPCAT (73), FLOKI (88) and NOT (73). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for ORDI?
- Bitcoin L2 narrative revival and any new Ordinals/BRC-20 hype cycle could spark short-term pump
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.