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In a surprising turn of events, SATS (Ordinals) has experienced an astonishing surge of around 140% within hours after the announcement of its listing on crypto exchange Binance. Lookonchain, a prominent cryptocurrency analytics platform, reported that the top 20 holders of SATS now control a staggering $150.8 million, constituting 15.90% of the total supply.
The $SATS price is up ~120% since #Binance announced the listing of BRC-20 Sats,
— Lookonchain (@lookonchain) December 12, 2023
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
The on-chain data further revealed that 6 of the top 20 holders acquired their SATS through minting, amassing approximately 78.57 million SATS, equivalent to $35.5 million. The current market price of SATS stands at $0.0000004896, demonstrating a remarkable 138.03% increase in the last 24 hours.
Binance listing details revealed
The buzz around SATS intensified after Binance, one of the world's leading cryptocurrency exchanges, officially announced the listing of BRC-20 Sats (1000SATS). The spot trading pairs for 1000SATS will be made available on Dec. 12, 2023, at 12:00 p.m. (UTC), with trading pairs including 1000SATS/USDT, 1000SATS/FDUSD and 1000SATS/TRY.
Users are granted the ability to start depositing 1000SATS in preparation for trading, and withdrawal options will be open on Dec. 13, 2023, at 12:00 p.m. (UTC). Interestingly, the listing fee for 1000SATS was set at 0 BNB. Binance also revealed that 1000SATS would be introduced as a new borrowable asset in the Isolated Margin, within 48 hours of Dec. 12, 2023. The new margin pair features 1000SATS/USDT.
A notable point from the announcement was the clarification that 1000SATS is 1,000 times the value of SATS. This means that if a user deposits 1,100 SATS to Binance, the platform will automatically represent it as 1.1 1000SATS. SATS, categorized as a BRC-20 token, pays homage to Satoshi, the elusive creator of Bitcoin (BTC). Representing the smallest unit of Bitcoin, one satoshi equals 0.00000001 BTC.
It is important to note that SATS is a meme token developed by an anonymous team. The newly listed 1000SATS token is simply 1,000 times the value of SATS. While the surge in SATS' value demonstrates the power of community-driven momentum, investors and analysts will be closely monitoring the market to assess the sustainability of this remarkable uptrend. As with any cryptocurrency investment, caution and due diligence are strongly advised.