ORDI Token Surges 50% After Binance Listing
ORDI Token's Remarkable Surge
The ORDI token, linked to the Bitcoin Ordinals protocol, witnessed an impressive 50% price surge within just 24 hours following its listing on Binance. Initially valued at $7, the token soared to $11, while trading volumes reached an extraordinary $100 million in a day.
High-Risk Classification and Trader Advisory
Binance labeled ORDI as a "seed" project, a classification reserved for high-risk and potentially volatile tokens. In light of this, Binance advised traders to thoroughly understand the token's fundamentals and apply effective risk management strategies before engaging in trading activities.
Bitcoin Ordinals Protocol and Its Impact
The Bitcoin Ordinals protocol empowers users to inscribe digital art references into small Bitcoin transactions using the BRC-20 token standard. This innovative functionality has catalyzed the creation of digital artwork and meme tokens on Bitcoin. The protocol has generated 38 million inscriptions and amassed over $77 million in developer fees based on Bitcoin.
Binance's Strategic Initiatives
Binance introduced spot trading pairs ORDI/BTC, ORDI/USDT, and ORDI/TRY as part of the ORDI listing. Additionally, the platform conducted an ORDI Deposits and Withdrawals Activity, rewarding the first 1,000 users who deposited at least 72 ORDI tokens with a $50 USDT Trading Fee Rebate Voucher.
Emphasizing Trader Education
To enhance trader awareness and safety, Binance requires users interested in trading such tokens to pass regular quizzes. This initiative ensures that traders comprehend the risks and unique characteristics associated with these volatile tokens.
The ORDI token's surge underscores the growing influence of the Bitcoin Ordinals protocol and Binance's proactive measures in managing high-risk digital assets.
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