ORDI Token Surges on Binance Listing
The ORDI token saw a significant increase of over 50% in its price after being listed on Binance under the “seed” label on November 7th. The surge took the token from $7.5 to $11.6 within a single day as Binance announced the opening of trading for new spot trading pairs – ORDI/BTC, ORDI/USDT, ORDI/TRY. Withdrawals for ORDI will become available on November 8th.
ORDI Frenzy
Binance revealed in a recent blog post that it will add ORDI as a new borrowable asset with the new margin pair, ORDI/USDT, on the Isolated Margin. This comes after Binance Pool introduced the Ordinals Inscription Service in August, which simplifies adding extra information to the Bitcoin blockchain for users. The Ordinals protocol, which allows the generation of BRC-20 tokens and NFTs on the Bitcoin network, has been gaining popularity this year.
Despite this, Binance cautioned investors about the risks associated with ORDI, stating that it is a new token with above-average risk and subject to significant price fluctuations.
“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.”
Seed Tag for ORDI
In an effort to address the risks while still providing access to the token, Binance has applied a “seed tag” to ORDI. This labeling system helps users distinguish tokens that are part of innovative projects with potentially higher volatility and risks. It replaces the previous “Innovation Zone” and requires users to pass quizzes every 90 days on the Binance Spot and/or Binance Margin platforms in order to trade tokens with the Seed Tag.
Hot Take: The Future of ORDI
The listing of ORDI on Binance has caused quite a stir in the crypto world due to its rapid price surge. As more investors gain access to this token, it will be interesting to see how its value continues to fluctuate in response to market demand and risk management measures. The use of a “seed tag” by Binance also reflects a growing need for innovative approaches to managing higher-risk assets within the crypto market.
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