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What is ORDI, and why is it surging right now?

ORDI is a new cryptocurrency that works on the Ordinals Protocol. Binance announced today that it will list the BRC-20 token, sending the price soaring.

Earlier today, crypto exchange Binance announced that it will list a new token, ORDI, on its platform. In response, the token rocketed by 50% and is currently trading at $10.52.

ORDI price today. Source: CoinMarketCap
So, what is ORDI, and how is it different from other tokens?

ORDI is a cryptocurrency that works on the Ordinals Protocol on the Bitcoin network. It holds a market cap of $220 million at the time of writing.

ORDI first launched in May 2023, and it’s the first token to use the BRC-20 token standard.

The Ordinals Protocol brings NFT capability to the otherwise non-scalable Bitcoin blockchain through inscribing information (such as a jpeg) onto the smallest units of a Bitcoin, known as satoshi.

The structure of the protocol opens the doors to a host of new use cases, which is why investors are turning their heads toward it.

In addition, as a new token on a new protocol, ORDI is likely to experience higher price volatility than average. Many investors choose to invest volatile assets as they can bring around quick profits (and quick losses).

Upon announcing the listing, Binance addressed this and wrote, “ORDI is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility.”

It added, “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.”

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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