On Tuesday, the BRC20 token, dubbed ordinals (ORDI), soared over 40% against the U.S. dollar, fueled by news from Binance about its impending inclusion on the exchange’s roster of traded currencies. ORDI rocketed from an early 24-hour low of $7 to a peak of $11.53, settling at $10.48 per token at the time of this report.
Binance Listing Catapults ORDI Token
The announcement from Binance, the leading global crypto exchange, to usher ORDI onto its platform gave the token a significant boost. ORDI isn’t new to the spotlight, having been previously embraced by other major exchanges like Okx. Yet, it was the nod from Binance that sent ORDI soaring past the $11 mark in the morning’s Eastern Time trading flurry.
ORDI tokens, essentially Ordinal inscriptions, are tradable and fungible coins created on the Bitcoin blockchain and adhere to the “BRC20” token standard. Among the plethora of BRC20 tokens introduced recently, ordinals (ORDI) stands out as the one with the largest market capitalization.
Binance’s statement disclosed: “Binance will list ordinals (ORDI) and open trading for these spot trading pairs at 2023-11-07 10:00 (UTC).”
Following the Binance effect, the BRC20 token witnessed a staggering 40% leap in value compared to the greenback, boasting a market capitalization near $217 billion at last glance. Echoing bitcoin’s scarcity, ORDI’s maximum supply is capped at 21 million coins, with a daily trading volume hitting $161 million for ORDI trades. Despite this impressive surge, ORDI’s value is still 61% shy of its historic May 8, 2023 peak of $28.52.
In a strategic move, Binance further revealed plans to integrate ORDI as a “borrowable asset,” setting the stage for its debut as a margin listing within two days, paired with tether (USDT) for margin trading. The launch of ORDI comes amid a revival in interest for Ordinal inscriptions, with the token itself generating over 15.80416 BTC in miner fees ($549,471) from nearly 108,000 transactions.
A single address, nicknamed “16G1x,” has emerged as the heavyweight of ORDI exchanges, boasting 2,594 transactions. Not far behind, the address “bc1qa” clinches the runner-up spot with 1,133 ORDI transactions to its name.
What do you think about Binance listing ORDI and the token rising over 40% on Tuesday? Share your thoughts and opinions about this subject in the comments section below.