Trading volume broke a new record

The Bitcoin Ordinals market has seen tremendous trading activity, with volume surpassing $36 million on December 12 and setting a new record.

Following the official announcement from Binance regarding the inclusion of BRC-20 Sats (1000SATS), the excitement around SATS increased. Pairs of spot trading for 1000SATS were made available earlier this week as part of the list.

BRC-20 SATS

Bitcoin Ordinals, similar to Non-Fungible Tokens (NFTs) on the Bitcoin blockchain, have become a largely controversial issue. After a few weeks of stagnation, typographical texts saw strong demand in mid-November as trading volume exploded.

According to data compiled by Dune Analytics, the trading volume of Bitcoin Ordinals reached an all-time high on December 12th. In particular, the crypto exchange OKX played a big role, contributing 85% to these record-breaking numbers. Additionally, the SATS transaction volume on the chain exceeded $21 million, marking a new high level of activity.

This comes on Binance announcing that it will list BRC-20 SATS. The platform opened trading for spot trading pairs this week and finally announced plans to add 1000SATS as a new loanable asset alongside the new margin pair with independent margin.

SATS – the BRC-20 token in honor of Satoshi Nakamoto – is a relatively new memecoin. Short for Satoshi, SATS is the smallest unit of Bitcoin. As such, one satoshi is equal to 0.00000001 BTC. The team behind the token is anonymous.

A few hours after Binance's announcement, SATS surged more than 120 percent. It rose to a new all-time high of $0.00000056 before retreating to $0.000000476 at press time.

According to on-chain analytics platform Lookonchain, the top 20 holders of SATS now hold 333.3 trillion tokens, worth $150.8 million. This represents 15.9% of the total token supply. Six of these leading shareholders acquired SATS, amassing approximately 78.57 million shares, which are currently valued at $35.5 million.

Turns: Vulnerability?

While the arrival of Ordinals has sparked a new wave of innovation in Bitcoin, it hasn't been without major upheaval. The widespread excitement surrounding Ordinals NFTs and BRC-20 tokens has resulted in a significant increase in earnings for BTC miners.

However, prominent BTC developer Luc Dashjar believes that Inscriptors are exploiting a weakness in Bitcoin Core, resulting in spamming on the blockchain. Bitcoin Core has allowed users since 2013 to set a limit for the amount of additional data in transactions. However, inscriptions overstep this limit and create a “vulnerability”.