The price of Ordinals (ORDI) has seen a dramatic 88% surge over the last 24 hours following its listing on the popular crypto exchange Binance. The token’s price jumped from a 24-hour low of $7.21 to its current level of $13.78 as of press time, according to CoinMarketCap data.
- Trading volume for ORDI has spiked 1659.52% to $507,849,70, making it the top gainer on Binance
- Binance announced it is now offering ORDI spot trading pairs against BTC, USDT, and TRY
- The protocol allows users to inscribe information like text, images, audio, and video onto Satoshi’s via NFTs and tokens
The addition to Binance, currently the world’s largest cryptocurrency exchange by trading volume, has helped fuel the rapid price growth for Ordinals. The listing provides substantially increased liquidity and exposure to a wider crypto investor base for the formerly obscure project.
Can Ordinals sustain its price surge?
Some key points about the Ordinals protocol and its native token include:
- Allows the minting of NFTs and tokens containing information inscribed onto Satoshi’s, Bitcoin’s smallest unit.
- Due to Bitcoin’s block size limits, inscribed data is mainly text, images, audio, and video.
- The inscribed NFTs and tokens serve as a decentralized information ledger memorialized on the BTC blockchain.
While the price surge has been dramatic, it remains to be seen whether Ordinals can sustain these lofty valuation levels. Some factors that could negatively impact ORDI’s price going forward include:
- Profit-taking from short-term traders who bought into the announcement spike
- Limited real-world adoption and usage of the protocol so far
- Questions around the long-term utility of ORDI compared to more established altcoins
- Potential for overload on the Bitcoin network if Ordinals gains significant scale
The sustainability of this rally will become more clear in the coming days and weeks as trading activity normalizes after the initial hype. But for now, the Ordinals project is enjoying its time in the spotlight following a nearly 100% single-day price increase after securing a coveted Binance listing.