Last week , Bitcoin Core client developer Luke Dashjr’s comments about Bitcoin Inscription at Dashjr initially criticized the inscription as being based on a vulnerability. What is even more dramatic is that this vulnerability has been officially listed as a "cybersecurity vulnerability" by the US National Vulnerability Database (NVD), with the number CVE-2023-50428 . Despite this, the price of $ORDI has not collapsed as a result, instead rising by 18% in the past 24 hours.
As Bitcoin Inscription continues to attract attention, Binance announced that it will list another BRC20 token Sats (1000SATS) at 8pm tonight (Taiwan time) and open spot trading pairs of 1000SATS/USDT, 1000SATS/ FDUSD and 1000SATS/TRY . Sats is named after the founder of Bitcoin, Satoshi Nakamoto, and is the abbreviation of the smallest unit of Bitcoin, Satoshi.
Binance reminded in the announcement that Sats is a meme token issued by an anonymous team, and the token is added with a seed tag. Investors must pay attention to possible violent fluctuations in the token.
#Binance will list BRC-20 Sats $1000SATS with Seed Tag applied.
https://t.co/XgNP9XsWFs pic.twitter.com/dOJruuQ4Zf
— Binance (@binance)December 12, 2023
SATS more than doubled in a short period of time
As soon as the news of Binance listing Sats came out, the price of Sats surged sharply. According to CoinGecko data , the price of Sats has increased by 81% in the past hour, more than doubling in a short period of time, and continues to hit a record high as of press time, with the latest temporary price of $0.0000004644.
The current trading volume of Sats exceeds 100 million US dollars. Before being listed on Binance, the spot trading volume of Sats was mainly concentrated on Gate.io and BitMart, occupying 52.33% and 21.13% of the market share respectively.
The top 20 largest players hold nearly 16% of the supply
In terms of the concentration of holders of the token, according to Lookonchain monitoring on-chain data, the top 20 Sats holders hold a total of 333.3 trillion Sats, worth approximately US$150.8 million, accounting for 15.90 % of the total supply of 2,100 trillion. %.
Among them, 6 holders obtained their Sats through minting, totaling approximately 78.57 million Sats, equivalent to US$35.5 million.
The $SATS price is up ~120% since #Binance announced the listing of BRC-20 Sats,
On-chain data shows that the top 20 holders of $SATS hold 333.3T $SATS ($150.8M, 15.90%% of the total supply).
6 of the top 20 holders obtained $SATS through minting, with ~78.57M $SATS ($35.5M). pic.twitter.com/ELRYrld6nM
— Lookonchain (@lookonchain) December 12, 2023
Previously, the listing of ORDI brought huge benefits to the exchange. According to CoinGecko, ORDI's network-wide spot trading volume once reached US$1.31 billion within 24 hours, a figure that even exceeded ORDI's own market capitalization. Among this huge trading volume, the two major exchanges Binance and OKX accounted for more than 79.5%, bringing them considerable fee income.
This may explain why Binance chose to add more BRC20 tokens to the list during the BRC20 boom.
Extended reading: Bitcoin Inscription Ban Storm: A Trilateral Calculation Game Between Miners, Exchanges, and Developers
