ORDI Soars 50% Following Binance Listing: Bitcoin Ordinals Protocol Token

Binance has issued a cautionary notice to its users, alerting them to anticipate heightened fluctuations in ORDI token prices. The exchange has assigned a risk classification of "higher-than-normal" to this particular token.

In the last 24 hours, the value of the ORDI token associated with the Bitcoin Ordinals protocol has experienced a remarkable surge of 50%. This surge coincided with its listing on the cryptocurrency exchange Binance, where it was categorized as an emerging project bearing the "seed" label.

Binance emphasized, 

"ORDI is a relatively new token that poses a higher-than-normal risk, and as such will likely be subject to high price volatility."

 They further advised users to exercise prudent risk management practices, conduct thorough research regarding ORDI's underlying fundamentals, and gain a comprehensive understanding of the project before engaging in trading activities.

The "Seed Tag" designation is reserved for groundbreaking projects that may exhibit elevated levels of volatility and associated risks compared to other tokens listed on the exchange. This label has been applied to ORDI.

#Binance will list Ordinals $ORDI with Seed Tag applied.

➡️ https://t.co/CjMKeZpF92 pic.twitter.com/9pUEuNQ7ft

— Binance (@binance) November 7, 2023

Data indicates that ORDI prices surged from the $7 range on Monday to reach the $11 level. Moreover, trading volumes witnessed a significant spike, totaling nearly $100 million within a span of 24 hours.

The Ordinals protocol facilitates the embedding of data into the Bitcoin network by including references to digital artwork within small, Bitcoin-based transactions. This protocol was introduced in April, following the introduction of the Bitcoin Request for Comment (BRC-20) token standard. This standard allowed users to issue transferable tokens directly through the Bitcoin network. Consequently, this led to the rapid emergence of a diverse collection of digital artwork and meme tokens built on the Bitcoin platform in the subsequent weeks.

Since its launch in April, Ordinals has recorded over 38 million inscriptions, generating developer fees in excess of $77 million worth of Bitcoin (BTC), according to data sourced from Dune Analytics.

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