OKX Lists ORDI: Price Surge and Market Impact

OKX Lists ORDI on Spot Trading Markets

OKX, a Seychelles-based cryptocurrency exchange, has announced the listing of ORDI in its spot trading markets. This decision has led to a significant increase in ORDI's price. The platform scheduled the opening of Ordinals deposits on May 20, 2023, at 7:00 am UTC. Once the deposits meet the exchange's requirements, ORDI/USD spot trading will commence.

Launch of Ordinals Marketplace

On May 16, OKX introduced the Ordinals Marketplace, positioning itself as the first multichain wallet supporting BRC-20 trading. This marketplace launch comes amid the growing popularity of BRC-20 tokens, including the novel memecoin Pepe. The marketplace allows users to mint and trade Ordinals and BRC-20 tokens, providing faster Bitcoin transactions through Lightning support.

ORDI Price Surge

Following the announcement, ORDI's price saw a remarkable increase. As the first BRC-20 asset with a total of 21 million units, ORDI's value surged by over 24% within an hour. The price reached approximately $15, with a market capitalization of $310 million. This surge highlights the market's positive response to OKX's strategic listing decision.

Understanding Ordinal Protocol and Satoshi

OKX explained the Ordinal protocol's role in inscribing content on the smallest Bitcoin units, satoshis. With a total of 2100 trillion satoshis available, these units can contain information in the form of NFTs and tokens, despite their limited size. This innovative approach enhances the functionality and value of Bitcoin transactions.

Market Impact and Future Prospects

At the time of reporting, ORDI's price was $15.22, with a 24-hour trading volume of $51,177,220 and a market cap of $324,487,207. The listing not only boosts ORDI's market presence but also underscores OKX's commitment to pioneering advancements in the crypto space. As BRC-20 tokens gain traction, OKX's strategic moves are set to influence future market dynamics.