ORDI’s Bullish Surge: Inside Binance’s Latest Token Listing
Following Binance's recent announcement for listing the new ORDI token, its value has skyrocketed by 48%, reaching a record high value.
Leading cryptocurrency exchange, Binance, has unveiled plans to list Ordinals (ORDI), causing a significant surge in the token’s value. After the announcement, the price of ORDI shot up by 48% in the span of a few hours, trading at $10.62 after reaching a new high of $11.53. This marks the highest value for the token since May, according to data from CoinGecko.
As part of the exchange’s new offering, Binance will introduce spot trading pairs, namely ORDI/BTC, ORDI/USDT, and ORDI/TRY. Moreover, ORDI is also set to become a new borrowable asset on the platform, paired with USDT on Isolated Margin. The spot trading pairs will become available at 12 p.m. UTC on November 7, with withdrawals for ORDI set to open at 6:30 a.m. UTC the following day.
This move to list the ORDI token comes after Binance Pool launched its Ordinals Inscription Service in August. This service makes it simpler for users to inscribe additional data onto the Bitcoin blockchain. In addition, the Ordinals protocol, which facilitates the creation of BRC-20 tokens and NFTs on Bitcoin, has been gaining increased attention during the past year.
Despite the positive response and the token’s surge in price, Binance cautioned in their statement that ORDI, being a relatively new token, potentially carries a higher risk than usual. This could render it prone to high price volatility. In light of this, the exchange has decided to assign a “Seed Tag” to the ORDI token. This label is typically used for projects that may exhibit higher volatility and risks in comparison to other projects.
As part of the process associated with such seed tag tokens, users on the Binance Spot or Binance Margin platforms will be required to pass quizzes specific to these tokens every 90 days. The exchange’s decision to list ORDI, while also highlighting its possible risks, showcases the platform’s commitment to offer diverse trading options while ensuring its users are aware of potential volatility.
