Ordinals (ORDI) Price Surges Continuously Following Binance Listing

ORDI has surged nearly 90% in price following its listing on Binance. Image: CCN

As reported by Coin68, Binance announced the listing of Ordinals project token under its Seed Tag category, with trading pairs ORDI/BTC, ORDI/USDT, ORDI/TRY launched on the afternoon of November 7.

The price of ORDI has surged dramatically over the past 24 hours, rallying from $7.5 to nearly $14. Moreover, the upward trend shows no signs of stopping, with ORDI currently trading at $13.3. The token's market capitalization has now reached $280 million, with a trading volume exceeding $600 million over the last 24 hours.

Chart of 15-minute ORDI/USDT trading pair on Binance at 08:50 AM on November 8, 2023

Previously, Binance supported Bitcoin Ordinals through its NFT platform, followed by the launch of the Ordinals Inscription service in August.

Bitcoin Ordinals was initially introduced in January 2023 as a novel method to create Bitcoin NFTs by attaching information to individual satoshis. This creative process, termed "Inscribe," enables users to create unique digital assets that can be directly verified on the Bitcoin blockchain.

According to aggregated data from Dune Analytics, the total number of Inscriptions created on the Bitcoin network has surpassed 38 million. Alongside this, 1,944 BTC (equivalent to over $52.9 million USD) in fees have been paid for these Inscriptions.

Number of Inscriptions inscribed on Bitcoin as of November 8, 2023. Source: Dune Analytics

This innovative concept quickly sparked a frenzy and became one of the hottest trends earlier this year but has seen a slowdown since May.

In its listing announcement, Binance noted that ORDI is a relatively new token, thus carrying higher than usual risks and potential for price volatility. To trade tokens under the Seed Tag category, users are required to pass Binance's short quizzes within 90 days.

However, Binance's listing event for ORDI was not without controversy. Many users on X (Twitter) criticized Binance for erroneously stating that ORDI is the main token of the Ordinals protocol, while it is actually a BRC-20 token issued on the Bitcoin network through Ordinals.

At the time of writing, these discrepancies have been addressed by Binance.