Binance lists BRC-20 token SATS, doubles in price

Yamini003

Last week, comments from Bitcoin Core client developer Luke Dashjr on Bitcoin Script published in X led to significant fluctuations in the price of the BRC20 token $ORDI. Dashjr initially criticized Script, stating that it was based on a vulnerability officially listed as a ""network security vulnerability"" with the identifier CVE-2023-50428 by the United States National Vulnerability Database (NVD). Despite this, the price of $ORDI did not plummet; instead, it increased by 18% in the past 24 hours.

As Bitcoin Script continued to attract attention, Binance announced the listing of another BRC20 token, Sats (1000SATS), at 8 p.m. tonight (Beijing time). The spot trading pairs opened for 1000SATS/USDT, 1000SATS/FDUSD, and 1000SATS/TRY. Sats, named after Bitcoin's creator Satoshi Nakamoto, is the abbreviation for the smallest unit of Bitcoin, ""satoshi.""

Binance emphasized in the announcement that Sats is a meme token issued by an anonymous team, and the token has been assigned a seed label. Investors are advised to be aware of the potential for drastic fluctuations in the token.

Following the news of Binance listing Sats, there was a surge in the price of Sats. According to CoinGecko data, the price of Sats increased by 81% in the past hour, doubling in a short period. As of the last update, it continued to reach historic highs, currently reported at $0.0000004644.

The trading volume of Sats has exceeded $100 million. Before being listed on Binance, the spot trading volume of Sats was mainly concentrated on Gate.io and BitMart, accounting for 52.33% and 21.13% of the market share, respectively.

The top 20 holders own nearly 16% of the supply. Regarding the concentration of holders, data monitored by Lookonchain on-chain data indicates that the top 20 Sats holders collectively own up to 333.3 trillion Sats, valued at approximately $150.8 million, representing 15.90%. The total supply is 2.1 trillion.

Among them, six holders obtained their Sats through minting, totaling about 78.57 million Sats, equivalent to $35.5 million.

Previously, the listing of $ORDI brought significant benefits to exchanges. According to CoinGecko data, the overall spot trading volume of $ORDI once reached $1.31 billion in 24 hours, surpassing the market capitalization of $ORDI itself. In this massive trading volume, Binance and OKX, two major exchanges, accounted for over 79.5% of the share, bringing them considerable fee income. This may explain why Binance chose to add more BRC20 tokens during the hot period of BRC20.

Ritu13

This is something you can go and explore to have a look.

Samiksha

It's somewhat similar to the constant speculation of new concepts by stock market manipulators. It's too frightening.

Jiger955

It's really hard for anyone to endure such rapid movements in a short period now.

Jatin255

The speed of this increase is truly very fast.