A six-month-old altcoin project is soaring after earning surprise support from crypto exchange Binance, the largest digital asset exchange in the world.
After Binance announced on November 7th that it was listing ORDI for trading, the new token soared from $7.43 to a high of $23.80, a 220% increase.
ORDI tokens, which adhere to the “BRC-20” token standard, are tradable coins that use the Ordinal Protocol to inscribe information into satoshis, the smallest unit of value on the Bitcoin (BTC) blockchain. The project was launched by an anonymous user in March of this year.
ORDI has retraced to $20.49 at time of writing and has a market cap of $433,481,596.
According to the announcement, Binance attached a seed tag to ORDI.
Tokens with a seed tag will require users to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens. The system replaces Binance’s “Innovation Zone,” which was a designation for newer projects prone to higher price volatility.
Says Binance,
“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.”
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