The Ordinals (ORDI) token experienced more than 50% price increase within the past day following its listing on the Binance under the “seed” label on November 7th.
ORDI – which is tied to Bitcoin Ordinals – surged from $7.5 to $11.6 on the day as the crypto exchange announced opening trading for new spot trading pairs – ORDI/BTC, ORDI/USDT, ORDI/TRY. Withdrawals for ORDI, on the other hand, will open on November 8th.
In the latest blog post, Binance said that it will add ORDI as a new borrowable asset with the new margin pair, ORDI/USDT, on the Isolated Margin.
The listing of ORDI follows Binance Pool’s introduction in August of the Ordinals Inscription Service, which simplifies the process of adding extra information to the Bitcoin blockchain for users. The Ordinals protocol, facilitating the generation of BRC-20 tokens and NFTs on the Bitcoin network, began gaining tremendous popularity earlier this year.
Binance, however, issued a caution in its listing announcement, highlighting that ORDI is a fairly new token possessing an above-average level of risk, and, is subject to significant price fluctuations.
“ORDI is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to ORDI’s fundamentals, and fully understand the project before opting to trade the token.”
Seed Tag for ORDI
To address the risks posed by ORDI while also allowing investors to access the token, a “seed tag” will be applied. According to Binance, a “seed tag” is essentially a new labeling system introduced by the exchange to help users distinguish tokens that are part of innovative projects with potentially higher volatility and risks.
It replaces the previous “Innovation Zone” and is applied to both tokens currently listed in the Innovation Zone and future listings that fall into this category. To trade tokens with the Seed Tag, users are required to pass quizzes every 90 days on the Binance Spot and/or Binance Margin platforms.