Ordinals (ORDI) token prices have surged by a whopping 81% in the past 24 hours following an announcement that categorized it as a “seed” development project on the Binance crypto exchange.
The “Seed Label” signifies experimental projects and tokens that may carry higher volatility and risk than the average offerings.
Binance’s decision to assign the Seed Tag to ORDI was made public recently, and the exchange further revealed that ORDI would be available for spot trading with pairs like ORDI/BTC, ORDI/USDT, and ORDI/TRY. Withdrawals for ORDI started at 6:30 a.m. UTC on November 8.
The listing of ORDI on Binance comes on the heels of the successful launch of Binance Pool’s Ordinals Inscription Service in August.
This service simplified the process of embedding additional data into the Bitcoin blockchain for users. As a result of this development, ORDI’s price has seen a significant increase, going from a low of around $7 to its current level of $12.72 at the time of writing.
Additionally, the trading volume has surged to approximately $445 million, marking a remarkable increase of over 1402%.
The Ordinals protocol enables Bitcoin users to embed data, particularly related to digital art, into relatively small Bitcoin-based transactions.
This became possible once the Bitcoin Request for Comment (BRC-20) token standard was introduced in April, paving the way for the protocol’s release and allowing users to create tradable tokens directly on the network.