Do you remember that wave in 2023? ORDI, this 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 balance. Some doubled their investment with it, some exchanged it for a car, and even some jokingly said: "During that time, if you didn't buy ORDI, you were embarrassed to say you were in the crypto world."

But what about now? The price struggles around 8 dollars, trading volume is tepid, and community discussions are as quiet as the cicadas in autumn. Someone joked: "Even dogs don’t want to pay attention to it now." A jest, yet it reveals a hint of the chilly reality.

Is it that people are ungrateful and run away after making money? Or is this coin just "not up to par"?

Once glorious, now silent.

ORDI indeed had its shining moments. As a 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 hold up. However, the crypto market never believes in "sentiment"; it only recognizes "narratives." When the focus shifted from the Bitcoin ecosystem to AI, gaming, and Layer2, the script for ORDI seems to have been flipped.

The faith is still there, but the voice has become quieter.

Old players still have feelings for ORDI, and some firmly believe it can "make a comeback." But the voices have quieted, not because of a lack of love, but because the market is too noisy. New coins are launching one after another, each story more enticing than the last, with funds and attention continuously being diverted. ORDI is like a has-been star; although it still has loyal fans, the spotlight on the stage has long since moved away from it.

Is it that people are unfaithful, or that coins do not compete?

Saying "people are cold-hearted" is actually a bit unfair. The cryptocurrency market is fundamentally a game driven by capital and dominated by narratives. Players move with the trends and leave for profit, which is perfectly normal. There are no eternal hotspots, only perpetual fluctuations.

The phrase "coins are not impressive" may be closer to the truth. The inscription track behind ORDI, after an initial explosion, has yet to see a real ecological breakthrough and practical application. Once the hype fades, without substantial support, the price will naturally struggle to sustain itself. In other words, relying solely on the sentiment of having been "bullish in the past" cannot support the future K-line.

The fate of ORDI is, to some extent, a microcosm of most Memec coins: in the spotlight, it is sought after by thousands, while in the trough, it is ignored by all. It is not the first, and it will not be the last.

Maybe 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 sidelines for a long time. The market never lacks stories; what it lacks is a story that can be told continuously.