Binance, the world’s largest cryptocurrency exchange, has announced that it will list the Ordinals (ORDI) token. The listing is set to open trading for ORDI/BTC, ORDI/USDT, and ORDI/TRY spot pairs at 10:00 UTC on November 7
#Binance will list Ordinals $ORDI with Seed Tag applied.
➡️ https://t.co/CjMKeZpF92 pic.twitter.com/9pUEuNQ7ft
— Binance (@binance) November 7, 2023
Following the announcement, the price of ORDI surged by more than 45% in the past 24 hours. The price rose to a high of $11.01, a new high since May. This surge is a significant increase, with ORDI price gains currently more than 217% over the last 30 days.
Ordinals protocol enables the creation of BRC-20 tokens and NFTs on Bitcoin. It allows for the inscription of unique information onto each Satoshi, such as text, images, audio, or video. The main information for inscribe (mint) is mainly text and pictures, in the form of NFT and token.
The protocol was launched in April, following the establishment of the BRC-20 token standard. In the subsequent weeks, this development led to the emergence of a variety of digital art pieces and meme tokens, all built on the Bitcoin network.
Ordinals Lands On Binance Months After Launch
The listing of ORDI comes after Binance Pool launched its Ordinals Inscription Service in August, making it easier for users to inscribe additional data onto the Bitcoin blockchain. However, Binance warned in the listing statement that ORDI is a “relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility”.
The exchange is set to introduce a “Seed Tag” for the ORDI token, which will denote projects that could potentially have higher volatility and risks compared to other projects. Users who wish to trade these seed tag tokens on the Binance Spot or Binance Margin platforms will be required to successfully complete quizzes every 90 days.
Binance has launched an event in which the initial 1,000 users to deposit $ORDI into their accounts will be awarded a $USDT Trading Fee Rebate Voucher worth 50 dollars.
And that's not all…
We've also launched a deposit activity where the first 1,000 users who deposit $ORDI in their account will receive a 50 $USDT Trading Fee Rebate Voucher!
Find out more ⤵️https://t.co/ajFIqaZj0z
— Binance (@binance) November 7, 2023
The surge in ORDI price and the increased interest in Bitcoin Ordinals has brought fresh impetus to the potential rally for crypto. As the market’s interest in BTC inscriptions rises sharply, it is expected that the short-term outlook could see the Ordinals’ price rise in tandem with Bitcoin prices.
