- The token has been categorized as a “seed” developing project on the exchange.
- The trading volume increased to approximately $445 million, an increase of over 1402%.
Ordinals (ORDI) token prices related to the Bitcoin Ordinals protocol have increased by 81% in the last 24 hours after being categorized as a “seed” developing project on the cryptocurrency exchange Binance.
The Seed Label denotes experimental endeavors, the tokens which may be more volatile and risky than average. The exchange stated that ORDI would get the Seed Tag. Binance announced today that it would begin providing ORDI/BTC, ORDI/USDT, and ORDI/TRY as spot trading pairs, with ORDI withdrawals beginning at 6:30 a.m. UTC on November 8.
Significant Surge
After the successful debut of Binance Pool’s Ordinals Inscription Service in August, which made it simpler for users to inscribe extra data into the Bitcoin blockchain, the decision to list ORDI was made. From Monday’s low in the $7 range, ORDI prices have risen to the $12.72 level at the time of writing. Moreover, the trading volume increased to approximately $445 million, an increase of over 1402%.
Using the Ordinals protocol, Bitcoin users may inscribe data to works of digital art into relatively tiny Bitcoin-based transactions. Users were able to create tradable tokens directly over the network once the Bitcoin Request for Comment (BRC-20) token standard was published in April, prompting the release of the protocol.
That immediately sparked a collection of digital artwork and meme tokens created on Bitcoin in the weeks thereafter. According to Dune Analytics, over $77 million worth of bitcoin (BTC) has been generated in developer fees from over 38 million inscriptions issued on Ordinals since its April debut. CoinMarketCap data shows that after the Binance listing news, the price of ORDI jumped 81% in the previous 24 hours to trade at $12.71.
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