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<h3>Fireline Report</h3>
<p>The ORDI inscription effect was replicated by PING. High-frequency trading on the chain and community FOMO sentiment boosted the popularity, and trading volume exploded in a short period of time.</p>
<h3>Trading Guide</h3>
<p>ORDI is currently based on the rhythm of washing the market. Aggressive short-term traders can test with a light position, enter and exit quickly around the callback range, stop profit in time during the rebound window, and leave the market as soon as there is an abnormality in authority or LP<span class="source"><a href="fx://followin.io/Feed?id=21035817"><img src="https://static.fwimg.io/img/user/1037cc7b73dc3b94ab4932a0cc38b993.jpg" width="20" height="20" /></a></span>.When the popularity of shill increases, you can follow the trend. If the popularity drops below the baseline or the discussion volume drops sharply, you should retreat<span class="source"><a href="fx://followin.io/Feed?id=21053005"><img src="https://static.fwimg.io/img/user/f4948056d53405d89b1e0dd176f96c84.jpg" width="20" height="20" /></a></span>.</p>
<p style="margin-top: 20px; text-align: left; opacity: 0.4; padding: 0 42px"><small>Updated at 10-25 23:10</small><br><small>AI-generated summary, not investment advice</small></p></div>

<h1>Review of ORDI inscription effect and analysis of PING replication surge potential</h1><h2> TL;DR</h2><p> ORDI, the first BRC-20 token, saw <strong>a 15,000-fold increase</strong> from its inception to a peak of $95.92, but has since retreated 94% to $5.17. PING, launched based on the x402 protocol, surged 179% in a short period to $0.055, reaching a market capitalization of $55 million. <strong>Key analysis</strong> : PING possesses similar hype and technological innovation, but faces a more mature market environment and higher regulatory risks. While the probability of replicating ORDI&#39;s 10,000-fold increase is low, it still has potential for explosive growth in the short term.</p><h2> Core Analysis</h2><h3> Revisiting the ORDI Inscription Phenomenon (2023-2024)</h3><h4> Price trajectory analysis</h4><p> ORDI was launched on <strong>March 8, 2023</strong> as the first BRC-20 token and has experienced an epic price evolution:</p><table><thead><tr><th> stage</th><th> time</th><th> Price range</th><th> Increase</th><th> Driving factors</th></tr></thead><tbody><tr><td> Inscription stage</td><td> March 2023</td><td> ~$0.0001-$0.001</td><td> Benchmark</td><td> The BRC-20 protocol was born, and the inscription cost was extremely low</td></tr><tr><td> Early-stage deals</td><td> May-September 2023</td><td> $3.00-$6.28</td><td> 500-6,000x</td><td> Huobi goes online for the first time and OTC trading begins</td></tr><tr><td> Outbreak stage</td><td> Q4 2023</td><td> $3.00-$50.00</td><td> 16x (quarterly)</td><td> Inscription craze, Binance and other mainstream exchanges are listed</td></tr><tr><td> Peak period</td><td> March 5, 2024</td><td> <strong>$95.92</strong></td><td> <strong>15,000x total increase</strong></td><td> Bitcoin halving expected, Runes protocol launched</td></tr><tr><td> Callback phase</td><td> 2024-2025</td><td> $2.22-$5.17</td><td> -94%</td><td> Hype cooling, lack of ecological maturity</td></tr></tbody></table><h4> Analysis of success factors</h4><p> <strong>Main driving forces (weight analysis)</strong> :</p><ul><li> <strong>Narrative Innovation (60%)</strong> : BRC-20 introduces token functionality to Bitcoin, breaking the single narrative of &quot;digital gold&quot;</li><li> <strong>Exchange Effect (25%)</strong> : Binance’s November 2023 launch resulted in a 50% daily increase, with trading volume reaching $54M.</li><li> <strong>Market Cycle (15%)</strong> : Bitcoin&#39;s 150% annual increase in 2023, fueled by the expected halving in 2024</li></ul><h3> Analysis of the Current Status of PING/x402 Protocol</h3><h4> Comparison of technical mechanisms</h4><p> As the first token of the x402 protocol, PING adopts <strong>an inscription-like</strong> minting mechanism:</p><table><thead><tr><th> Comparison Dimension</th><th> ORDI (BRC-20)</th><th> PING (x402)</th></tr></thead><tbody><tr><td> <strong>Casting mechanism</strong></td><td> Bitcoin Inscription JSON data</td><td> HTTP 402 payment request, $1 USDC for 5,000 PING</td></tr><tr><td> <strong>Verification method</strong></td><td> Off-chain indexer tracking</td><td> x402scan indexer verifies payment</td></tr><tr><td> <strong>Internet dependence</strong></td><td> Bitcoin UTXO model</td><td> Base chain ERC-20 standard</td></tr><tr><td> <strong>Cost structure</strong></td><td> BTC network fees ($40+ at peak times)</td><td> $1 fixed cost + Base Gas fee</td></tr><tr><td> <strong>Degree of decentralization</strong></td><td> Multi-Indexer Consensus</td><td> Single indexer + project party control</td></tr></tbody></table><h4> Market performance data</h4><p> <strong>Current indicators</strong> (as of October 25, 2025):</p><ul><li> <strong>Price</strong> : $0.055 (+179% in 24 hours, peak $0.069)</li><li> <strong>Market capitalization</strong> : $55M (1 billion tokens in circulation)</li><li> <strong>Holders</strong> : 13,193 addresses, with the top 10 holding 24%</li><li> <strong>Trading volume</strong> : $55M in 24 hours, protocol trading volume +8,218%</li></ul><h3> On-chain data comparison</h3><h4> Holder distribution analysis</h4><p> <strong>PING holder structure</strong> :</p><ul><li> Total holders: 13,193 (rapid growth within 3 days of launch)</li><li> Concentration: Top 10 holders hold 24%, largest holder holds 6.36%</li><li> New buyers: 31,000 new addresses participated in the minting</li></ul><p> <strong>ORDI holder characteristics</strong> :</p><ul><li> Large holder growth: 1,000+ ORDI holders have increased by 12% since March 2025</li><li> Distribution characteristics: early minters hold concentrated shares, and exchanges mainly circulate</li></ul><h3> Social sentiment analysis</h3><h4> Market Narrative Comparison</h4><p> <strong>ORDI 2023 Narrative</strong> :</p><ul><li> <strong>Innovation and breakthrough</strong> : Bitcoin achieves native tokenization for the first time, and the concept of &quot;Bitcoin DeFi&quot; emerges</li><li> <strong>Cultural significance</strong> : From &quot;digital gold&quot; to &quot;programmable currency&quot;, reassessing ecological value</li><li> <strong>Speculative frenzy</strong> : Inscription casting has become a &quot;ritual&quot; activity, and FOMO sentiment is prominent <a href="https://x.com/BTCdayu/status/1981626741358833993">x.com</a></li></ul><p> <strong>PING 2025 Narrative</strong> :</p><ul><li> <strong>Technology-driven</strong> : x402 protocol solves pain points of AI-powered payment agents and receives Coinbase endorsement</li><li> <strong>Ecosystem integration</strong> : Integration with Cloudflare and Google AP2, with potential for enterprise-level applications</li><li> <strong>Speculative copying</strong> : Clearly benchmarking ORDI, the market perception of &quot;copying inscription gameplay to x402&quot; <a href="https://www.bitget.com/zh-CN/news/detail/12560605029664">bitget</a></li></ul><h4> KOLs have different opinions</h4><p> <strong>Bullish view</strong> :</p><ul><li> KOLs such as Daewoo believe that the AI+Crypto track is &quot;much bigger&quot; than Inscription, and PING, as the first coin in the track, has a first-mover advantage.</li><li> The x402 protocol has gained support from mainstream institutions, and its technical practicality is stronger than pure speculative inscriptions.</li></ul><p> <strong>Bearish doubts</strong> :</p><ul><li> Critics believe that PING is a &quot;patterned hype&quot; that lacks the originality and fairness of ORDI.</li><li> Centralization risk: The project owner controls the funding pool, which may lead to a rug pull risk.</li></ul><h2> in conclusion</h2><h3> Evaluation of the Success Probability of PING Replication of ORDI</h3><h4> Favorable factors</h4><ol><li> <strong>Stronger technical background</strong> : The x402 protocol is supported by giants such as Coinbase, and its practicality exceeds that of pure speculative inscriptions</li><li> <strong>Mature market environment</strong> : Active Base ecosystem and sound DeFi infrastructure</li><li> <strong>The narrative hits the mark</strong> : AI payment is a current hot topic, with high market acceptance.</li><li> <strong>Similar minting mechanism</strong> : $1 minting cost creates a sense of scarcity and participation</li></ol><h4> Risk factors</h4><ol><li> <strong>Tightening regulatory environment</strong> : Crypto regulation will be stricter in 2025, limiting the room for significant speculation</li><li> <strong>Centralization risk</strong> : The project is controlled by the project owner, and the degree of decentralization is not as good as ORDI</li><li> <strong>Fierce competition</strong> : sufficient supply of meme coins and severe attention dilution</li><li> <strong>Base effect</strong> : $55M market capitalization is not small, and a 10,000-fold increase would require a $550B valuation (unrealistic)</li></ol><h3> Final judgment</h3><p> <strong>Short-term Potential</strong> : PING still <strong>has room for a 3-10x increase</strong> based on the x402 ecosystem&#39;s development and speculative momentum. <strong>Long-term Prospects</strong> : It&#39;s unlikely to replicate ORDI&#39;s 10,000x return, but as an AI payment infrastructure token, it may enjoy <strong>a sustained premium.</strong> <strong>Risk Warning</strong> : This is a highly speculative asset; be wary of potential concentrated selling by project owners and regulatory crackdowns.</p><p> <strong>Investment advice</strong> : You can participate in short-term speculation moderately, but you should control your positions and pay attention to the progress of the actual application of the agreement and changes in the regulatory situation.</p>
