The post Ordinals Protocol Token (ORDI) Spikes 50% on Binance Listing appeared first on Coinpedia Fintech News
The recent addition of Ordinals Protocol Token (ORDI) to Binance, the world’s biggest cryptocurrency exchange, caused a 50% price jump in just one day, thanks to growing interest in Bitcoin inscriptions. Binance now offers trading pairs like ORDI/BTC, ORDI/USDT, and ORDI/TRY.
ORDI’s listing on Binance is a significant milestone. It could impact ORDI’s price positively and serve as a model for newer projects like Memeinator (MMTR). In May, ORDI reached a peak price of $28.62, driven by Bitcoin inscriptions that led to higher transaction fees and network congestion.
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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.
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‘s “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.