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Bitcoin Ordinals Protocol Token ORDI Rockets 50% on Binance Listing
Binance warned users to expect high volatility around ORDI token prices and gave it a risk classification of "higher-than-normal."
Updated Nov 7, 2023, 9:18 a.m. Published Nov 7, 2023, 9:18 a.m.
Prices of the ordi [ORDI] token tied to the Bitcoin Ordinals protocol surged 50% in the past 24 hours after it was listed on the crypto exchange Binance as an emerging project under the “seed” tag.
“ORDI is a relatively new token that poses a higher-than-normal risk, and as such will likely be subject to high price volatility,” Binance said in a Tuesday announcement. “Please ensure that you exercise sufficient risk management, have done your own research in regard to ORDI’s fundamentals, and fully understand the project before opting to trade the token.”
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“The Seed Tag represents innovative projects that may exhibit higher volatility and risks compared to other listed tokens. The Seed Tag will be applied to ORDI,” the exchange added.
#Binance will list Ordinals $ORDI with Seed Tag applied.
— Binance (@binance) November 7, 2023
➡️ https://t.co/CjMKeZpF92 pic.twitter.com/9pUEuNQ7ft
ORDI prices surged to the $11 level from Monday’s $7 range, data shows, with trading volumes jumping to nearly $100 million over 24 hours.
The Ordinals protocol allows users to embed data into the Bitcoin by inscribing references to digital art into small Bitcoin-based transactions. The protocol was released in April after the introduction of the Bitcoin Request for Comment (BRC-20) token standard, which allowed users to issue transferable tokens directly through the network. That quickly spurred a collection of digital artwork and meme tokens built on Bitcoin in the weeks afterward.
Over 38 million inscriptions have been issued on Ordinals since its April release, data from Dune Analytics show, generating over $77 million worth of bitcoin in developer fees.
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