In a remarkable turn of events, the ORDI token, associated with the Bitcoin Ordinals protocol, experienced a significant price surge of 50% within 24 hours of its Binance listing. The token, which was listed as a "seed" project, saw its price rise to $11 from $7, and trading volumes escalated to nearly $100 million within a single day.
The "seed" project tag is assigned by Binance to high-risk and potentially volatile tokens. In line with this classification, Binance issued an announcement advising traders to fully comprehend ORDI's fundamentals and apply risk management before initiating trading activities.
The Bitcoin Ordinals protocol allows users to inscribe digital art references into small Bitcoin transactions leveraging the BRC-20 token standard, introduced earlier this year. This novel functionality has triggered a wave of digital artwork and meme tokens on Bitcoin. To date, the protocol has issued 38 million inscriptions, accumulating over $77 million in Bitcoin-based developer fees.
In conjunction with the ORDI listing, Binance rolled out spot trading pairs ORDI/BTC, ORDI/USDT, and ORDI/TRY. The exchange also conducted an ORDI Deposits and Withdrawals Activity as part of the listing process. This activity rewarded the first 1,000 users depositing no less than 72 ORDI tokens with a $50 USDT Trading Fee Rebate Voucher.
Binance has also made it mandatory for users interested in trading such tokens to pass regular quizzes on their platforms. This measure is designed to ensure that traders understand the risks and unique attributes associated with these types of tokens.
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