The ORDI token linked to the Bitcoin Ordinals protocol experienced a significant 50% increase in its price over the past 24 hours. This happened after it got listed on the Binance cryptocurrency exchange with a “seed” tag, indicating it’s an emerging project.
Binance, in a statement on Tuesday, pointed out that ORDI is a relatively new token and comes with higher-than-average risk. As a result, its price may go through significant ups and downs. They advised users to be cautious, perform thorough research on ORDI’s fundamentals, and fully comprehend the project before deciding to trade the token.
The price of ORDI has increased from around $7 to approximately $11 on Monday, based on data. During this time, trading volumes have risen significantly, reaching nearly $100 million within 24 hours.
The Ordinals protocol enables users to include references to digital art within small Bitcoin transactions. This protocol was introduced in April, following the introduction of the Bitcoin Request for Comment (BRC-20) token standard. The BRC-20 standard allows users to create and transfer tokens directly on the Bitcoin network. This led to a quick rise in the creation of digital art and meme tokens using the Bitcoin platform in the weeks that followed.
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