Binance, one of the leading exchanges in the market, has just announced a new addition to its list of tradable assets. It is BRC-20 Sats (1000SATS), a token that pays homage to Satoshi, the smallest unit of Bitcoin. The inclusion of this token on the platform opens up new trading opportunities for users, providing greater flexibility and options within the Binance ecosystem.
Starting from December 12, 2023, at 12:00 (UTC), Binance users can trade the pairs 1000SATS/USDT, 1000SATS/FDUSD, and 1000SATS/TRY. Users will be allowed to deposit 1000SATS in preparation for trading, and withdrawal options will be available from December 13, 2023, at 12:00 (UTC). It’s essential to note that 1000SATS is a thousand times the value of a satoshi.
#Binance will list BRC-20 Sats $1000SATS with Seed Tag applied.
— Binance (@binance) December 12, 2023
At present, the exchange has chosen not to apply any listing fees (0 BNB) to facilitate user access and participation in this new asset. In addition to spot trading pairs, Binance will introduce 1000SATS as a borrowable asset in the isolated margin pair 1000SATS/USDT within 48 hours starting from December 12, 2023, at 12:00 (UTC). This provides users with the opportunity to engage in margin trading, offering additional tools and dimensions to their trading strategies.
Binance Applies a Seed Tag and Warns of SATS Volatility
However, users are cautioned about the speculative nature of 1000SATS and the potential for high associated volatility. As a relatively new token, users are urged to exercise sufficient risk management and conduct their own research on the fundamentals of 1000SATS before deciding to trade.
A distinctive element is the application of a seed tag to 1000SATS. This tag indicates that it is an innovative project that may exhibit higher volatility and risks compared to other listed tokens. To access trading for tokens with the seed tag, users must pass quizzes every 90 days on the Binance Spot and/or Binance Margin platforms, demonstrating their understanding of the associated risks.
With these additions, Binance aims to provide its users with a broader range of trading options while emphasizing the importance of risk awareness and careful research when exploring newer assets in the market.
At the time of writing this article, according to data provided by CoinMarketCap, SATS is trading at $0.0000005109 per unit after an impressive 150% growth in a 24-hour period. On the other hand, its trading volume has increased by 908%, surpassing $216 million.