Review of ORDI inscription effect and analysis of PING replication surge potential

TL;DR

ORDI, the first BRC-20 token, saw a 15,000-fold increase 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. Key analysis : PING possesses similar hype and technological innovation, but faces a more mature market environment and higher regulatory risks. While the probability of replicating ORDI's 10,000-fold increase is low, it still has potential for explosive growth in the short term.

Core Analysis

Revisiting the ORDI Inscription Phenomenon (2023-2024)

Price trajectory analysis

ORDI was launched on March 8, 2023 as the first BRC-20 token and has experienced an epic price evolution:

Analysis of success factors

Main driving forces (weight analysis) :

• Narrative Innovation (60%) : BRC-20 introduces token functionality to Bitcoin, breaking the single narrative of "digital gold"
• Exchange Effect (25%) : Binance’s November 2023 launch resulted in a 50% daily increase, with trading volume reaching $54M.
• Market Cycle (15%) : Bitcoin's 150% annual increase in 2023, fueled by the expected halving in 2024

Analysis of the Current Status of PING/x402 Protocol

Comparison of technical mechanisms

As the first token of the x402 protocol, PING adopts an inscription-like minting mechanism:

Market performance data

Current indicators (as of October 25, 2025):

• Price : $0.055 (+179% in 24 hours, peak $0.069)
• Market capitalization : $55M (1 billion tokens in circulation)
• Holders : 13,193 addresses, with the top 10 holding 24%
• Trading volume : $55M in 24 hours, protocol trading volume +8,218%

On-chain data comparison

Holder distribution analysis

PING holder structure :

• Total holders: 13,193 (rapid growth within 3 days of launch)
• Concentration: Top 10 holders hold 24%, largest holder holds 6.36%
• New buyers: 31,000 new addresses participated in the minting

ORDI holder characteristics :

• Large holder growth: 1,000+ ORDI holders have increased by 12% since March 2025
• Distribution characteristics: early minters hold concentrated shares, and exchanges mainly circulate

Social sentiment analysis

Market Narrative Comparison

ORDI 2023 Narrative :

• Innovation and breakthrough : Bitcoin achieves native tokenization for the first time, and the concept of "Bitcoin DeFi" emerges
• Cultural significance : From "digital gold" to "programmable currency", reassessing ecological value
• Speculative frenzy : Inscription casting has become a "ritual" activity, and FOMO sentiment is prominent x.com

PING 2025 Narrative :

• Technology-driven : x402 protocol solves pain points of AI-powered payment agents and receives Coinbase endorsement
• Ecosystem integration : Integration with Cloudflare and Google AP2, with potential for enterprise-level applications
• Speculative copying : Clearly benchmarking ORDI, the market perception of "copying inscription gameplay to x402" bitget

KOLs have different opinions

Bullish view :

• KOLs such as Daewoo believe that the AI+Crypto track is "much bigger" than Inscription, and PING, as the first coin in the track, has a first-mover advantage.
• The x402 protocol has gained support from mainstream institutions, and its technical practicality is stronger than pure speculative inscriptions.

Bearish doubts :

• Critics believe that PING is a "patterned hype" that lacks the originality and fairness of ORDI.
• Centralization risk: The project owner controls the funding pool, which may lead to a rug pull risk.

in conclusion

Evaluation of the Success Probability of PING Replication of ORDI

Favorable factors

1. Stronger technical background : The x402 protocol is supported by giants such as Coinbase, and its practicality exceeds that of pure speculative inscriptions
2. Mature market environment : Active Base ecosystem and sound DeFi infrastructure
3. The narrative hits the mark : AI payment is a current hot topic, with high market acceptance.
4. Similar minting mechanism : $1 minting cost creates a sense of scarcity and participation

Risk factors

1. Tightening regulatory environment : Crypto regulation will be stricter in 2025, limiting the room for significant speculation
2. Centralization risk : The project is controlled by the project owner, and the degree of decentralization is not as good as ORDI
3. Fierce competition : sufficient supply of meme coins and severe attention dilution
4. Base effect : $55M market capitalization is not small, and a 10,000-fold increase would require a $550B valuation (unrealistic)

Final judgment

Short-term Potential : PING still has room for a 3-10x increase based on the x402 ecosystem's development and speculative momentum. Long-term Prospects : It's unlikely to replicate ORDI's 10,000x return, but as an AI payment infrastructure token, it may enjoy a sustained premium. Risk Warning : This is a highly speculative asset; be wary of potential concentrated selling by project owners and regulatory crackdowns.

Investment advice : 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.