The post Ordinals Protocol Token (ORDI) Surges 50% on Binance Listing appeared first on Coinpedia Fintech News
With the recent listing, the flavor of the season Ordinals Protocol Token (ORDI) on Binance, the world’s largest cryptocurrency exchange, has led to an impressive 50% surge in its price within just 24 hours. This surge is attributed to the growing interest in Bitcoin inscriptions, reflecting a broader trend in the cryptocurrency space. Upon listing, Binance will offer spot trading pairs, including ORDI/BTC, ORDI/USDT, and ORDI/TRY.
This listing on Binance signifies a potential positive impact on ORDI’s price and could set a precedent for new projects like Memeinator (MMTR). Plus, ORDI’s price reached a high of $28.62 in May, driven by heightened activity around Bitcoin inscriptions, which led to increased transaction fees and network congestion.
Take ORDI With a Pinch of Salt!
Binance’s decision to classify ORDI as an emerging project with a “seed” tag comes with a word of caution. The exchange warned users about the token’s higher-than-normal risk profile, indicating that it might experience elevated price volatility. Despite this warning, trading volumes for ORDI spiked to nearly $100 million over the same 24-hour period.
#Binance will list Ordinals $ORDI with Seed Tag applied.
https://t.co/CjMKeZpF92 pic.twitter.com/9pUEuNQ7ft
— Binance (@binance) November 7, 2023
The Ordinals protocol, which allows users to embed data into the Bitcoin blockchain through references to digital art in small Bitcoin transactions, has seen remarkable adoption since its launch in April. More than 38 million inscriptions have been recorded, generating over $77 million worth of Bitcoin in developer fees.
ORDI Price Prediction
Looking ahead, ORDI’s price predictions indicate a potential upward trajectory. With Bitcoin’s price hovering around $35,000 and projected to rise in the coming months, altcoins like ORDI are also expected to benefit from the positive market sentiment. ORDI is currently approaching a critical resistance level at $12.58, and a breakthrough could set the stage for further gains, potentially targeting $16.50 and even $20.00 shortly. This indicates a potentially bullish outlook for ORDI/USD trading pairs.
Binance To Bring “Santa Claus” Rally for Meme Coins?
Binance’s recent listing of Ordinals came after its trading support of Memecoin (MEME), reigniting interest in meme tokens. Memeinator, set to launch in early 2024, has garnered significant attention, with its presale raising over $1.1 million. Given these favorable conditions, emerging tokens like ORDI and Memeinator are poised for substantial growth, mainly if the anticipated bull market fully materializes.
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