April 19, 2024
Sats: The Tiny Bitcoin-Based Memecoin Making a Big Splash on Crypto Exchanges
Bitcoin News

Sats: The Tiny Bitcoin-Based Memecoin Making a Big Splash on Crypto Exchanges

Crypto exchanges Gate and KuCoin are gearing up to list Sats, a meme coin based on the Ordinals BRC-20 token standard, joining the growing trend of meme coins entering the market.

Gate exchange began accepting deposits for Sats, a meme coin based on Bitcoin through the Ordinals protocol. Meanwhile, KuCoin plans to enable deposits for Sats, with trading set to start on November 9th, provided that token deposits meet the required liquidity threshold. KuCoin will offer a Sats/USDT trading pair to its users.

Sats, named after ‘satoshis,’ the smallest unit of Bitcoin, is currently trading at $0.00000012 with a diluted market capitalization of $270 million. Data from Unisat shows that Sats is held in 39,000 user wallets on the Bitcoin network.

These announcements come shortly after Binance revealed its plans to list Ordi, another popular BRC-20 meme coin, for trading.

Most meme coins, including Sats and Ordi, are created using the Ordinals protocol and are designated as BRC-20 tokens, analogous to Ethereum’s ERC-20 standard. The Ordinals protocol, introduced by developer Casey Rodarmor in early 2023, allows developers to assign a unique identity or file to each satoshi within the Bitcoin network, a process known as inscription. This innovation has paved the way for creating fungible tokens, like BRC-20 tokens, and non-fungible tokens (NFTs) that often feature digital art.

The Ordinals core team developed a method for generating NFTs on the Bitcoin network. At the same time, a pseudonymous developer named Domo introduced the experimental token standard, BRC-20, built on the Ordinals protocol in March. This allowed users to create fungible tokens, such as Sats and Ordi, by inscribing specific files to individual satoshis.

These recent listings indicate the growing interest in meme coins and the use of the Ordinals protocol, as they offer a unique way to interact with the Bitcoin blockchain and provide users with a range of creative possibilities in the crypto space.

Image: Wallpapers.com

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