The top 20 SATS holders hold a total of $150.8 million in tokens, accounting for nearly 16% of the total token supply.
The Bitcoin Ordinals market saw a notable increase in trading activity, with volume exceeding $36 million on December 12 and subsequently setting a new record.
Excitement surrounding SATS increased following the official announcement from Binance about the listing of BRC-20 Sats (1000SATS). Spot trading pairs for 1000SATS were made available earlier this week alongside the listing.
BRC-20 SATS
Like NFTs on the Bitcoin blockchain, Bitcoin Ordinals are largely a controversial issue. After a few slow weeks, the Ordinals inscription once again attracted significant interest, with trading volumes exploding in mid-November.
Data compiled by Dune Analytics reveals Bitcoin Ordinals trading volume reached an all-time high on May 12 twelfth. Notably, the OKX exchange contributed 85% to these record-breaking numbers. Additionally, SATS’s on-chain trading volume has exceeded $21 million, marking a new peak in activity.
This happened right after Binance announced the listing of BRC-20 SATS. The platform opened trading for spot pairs this week, and revealed plans to eventually add 1000SATS as a new borrowable asset with a new margin pair on Isolated Margin.
SATS is a BRC-20 token that essentially pays homage to Satoshi Nakamoto – which is a relatively new memecoin. SATS (short for Satoshi) is the smallest unit of Bitcoin. Thus, 1 satoshi is equal to 0.00000001 BTC. It is currently impossible to determine the identity of the team behind this token.
Just a few hours after Binance’s announcement, SATS increased by more than 120%. It rose to a new all-time high of $0.00000056 before falling to a price at the time of writing of around $0.00000032.
According to on-chain analytics platform Lookonchain, the top 20 SATS holders currently hold 333.3 trillion tokens, equivalent to $150.8 million. This represents 15.9% of the total token supply. Six of the top holders acquired SATS through minting, amassing approximately 78.57 million SATS, currently worth $35.5 million.
Ordinals: A flaw?
Although the appearance of Ordinals has sparked a new wave of innovation on Bitcoin, it has also encountered many harsh reactions. The widespread excitement surrounding Ordinals NFT and the BRC-20 token has significantly increased the earnings of BTC miners.
However, famous BTC developer Luke Dashjr believes that inscriptions are taking advantage of weaknesses in Bitcoin Core, causing spam on the blockchain. Bitcoin Core allowed users to set additional data size thresholds in transactions since 2013. However, inscriptions broke this limit, causing a “vulnerability.”
