The bitcoin Ordinals market witnessed a notable increase in trading activity, with volume surpassing $36 million on December 12 and subsequently setting a new record.
Excitement around SATS increased following Binance's official announcement of the listing of BRC-20 Sats (1000SATS). Spot trading pairs for 1000SATS became available earlier this week as part of the listing.
BRC-20 SAT
bitcoin Ordinals, similar to non-fungible tokens (NFTs) on the bitcoin blockchain, have been a source of controversy for the most part. After a few weeks of slowdown, Ordinals Inscriptions once again generated significant interest, with trading volume skyrocketing in mid-November.
Data collected by Dune Analytics revealed that bitcoin Ordinals trading volume reached an all-time high on December 12. In particular, the OKX crypto exchange played a major role, contributing 85% of these record figures. Additionally, on-chain transaction volume for SATS exceeded $21 million, marking a new peak of activity.
This comes hot on the heels of Binance announcing which would include BRC-20 SATS. The platform opened trading for its spot trading pairs this week and also revealed plans to eventually add 1000SATS as a new lendable asset with the new isolated margin pair.
SATS, the BRC-20 token, which essentially pays tribute to Satoshi Nakamoto, is a relatively new memecoin. Short for Satoshi, SATS is the smallest unit of bitcoin. As such, one satoshi is equivalent to 0.00000001 btc. The team behind the token is anonymous.
Just hours after Binance's announcement, SATS skyrocketed over 120%. It rose to a new all-time high of $0.00000056 before retreating to the press time price of $0.000000476.
According to on-chain analytics platform Lookonchain, the top 20 SATS holders now hold 333.3 billion tokens, worth $150.8 million. This represents 15.9% of the total token supply. Six of these major holders acquired their SATS through the minting process, accumulating approximately 78.57 million SATS, which are currently valued at $35.5 million.
Ordinals: In Vulnerability?
While the emergence of Ordinals unleashed a new wave of innovation in bitcoin, it has not been without significant backlash. The widespread excitement around Ordinals NFTs and BRC-20 tokens has resulted in a significant boost in btc miners' profits.
However, prominent btc developer Luke Dashjr believes the signups are taking advantage of a weakness in bitcoin Core, spamming the blockchain. bitcoin Core has allowed users to set a threshold for the size of additional data in transactions since 2013. However, signups circumvent this limit, representing a “vulnerability.”
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