November 7, 2023 – The ORDI token, linked to the Bitcoin Ordinals protocol, has experienced a remarkable 50% surge in its price within the last 24 hours following its listing on the cryptocurrency exchange Binance. Binance introduced ORDI as an emerging project with the “seed” tag, emphasizing its relatively high risk and potential for significant price volatility.
In an announcement made on Tuesday, Binance advised users to exercise adequate risk management, conduct thorough research into ORDI’s fundamentals, and gain a comprehensive understanding of the project before considering any trades involving the token. The “Seed Tag” is typically assigned to innovative projects that may exhibit greater volatility and associated risks compared to other listed tokens, and this designation is applied to ORDI.
Market data reveals that ORDI’s prices surged from the $7 range on Monday to reach the $11 level. Trading volumes also witnessed a substantial increase, totaling nearly $100 million over a 24-hour period.
The Ordinals protocol, to which ORDI is connected, facilitates the embedding of data into the Bitcoin blockchain by inscribing references to digital art within small Bitcoin-based transactions. This protocol was introduced in April following the launch of the Bitcoin Request for Comment (BRC-20) token standard, enabling users to create transferable tokens directly within the network. This development led to the rapid emergence of digital artwork and meme tokens built on the Bitcoin platform in the subsequent weeks.
The listing of ORDI on Binance signifies the exchange’s recognition of innovative projects in the crypto space. However, it is essential to emphasize the high level of risk and potential volatility associated with such emerging tokens. As always, investors are encouraged to conduct their own due diligence and adopt prudent risk management strategies when participating in trading activities involving tokens like ORDI.
