The price of the ORDI token tied to the Bitcoin Ordinals protocol is up 77 percent in the last 24 hours after crypto exchange Binance listed the token. ORDI is currently trading at $12.76.
There are 21 million bitcoin (BTC) in existence and each one can be divided into 100 million smaller units called satoshi.
Information can be written and stored on these satoshi using the Ordinals protocol. That information is usually text or pictures but could also include audio or video. The method, which amounts to bringing non-fungible tokens (NFT) to the Bitcoin network, launched in January.
The native token standard of Bitcoin Ordinals is BRC-20, which can be used to mint other coins that are also sometimes referred to as memecoins. ORDI is one of those tokens, which Binance doesn’t make clear in its announcement.
Binance listed the token under its “seed” tag, which the company uses for “innovative” projects that carry the potential for higher volatility and risk.
“ORDI is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to ORDI’s fundamentals, and fully understand the project before opting to trade the token,” wrote the Binance team in the announcement post.