Bitget, a cryptocurrency derivatives and copy trading platform, announced the listing of SATOSHIS (SATS) on the innovation zone. According to the announcement, the supported pair SATS/USDT is available for spot trading starting November 9.
Satoshis is a meme coin that runs on the Bitcoin Ordinals Protocol and borrows its name from the tiniest Bitcoin unit, a satoshi. The ‘Theory of Ordinals’ is the foundation of the Bitcoin Ordinals Protocol and dictates the creation, identification and transfer of satoshis within the BRC20 chain. As such, the protocol assigns a special but unique identification code to each satoshi. Immediately after executing a transaction, the Bitcoin Ordinals Protocol includes extra data during processing.
As per the ‘Theory of Ordinals’, satoshis are the smallest Bitcoin units that one can trade on the Bitcoin blockchain. Each piece of Bitcoin consists of 100,000,000 Bitcoin units or SATs. Each SAT is given a unique identification number based on the mining order, as a result, each SAT contains a unique verified identifier.
Before listing on Bitget, SATOSHIS (SATS) launched on KuCoin and GATE.IO with a fully diluted market capitalization of $270 million. As of this writing, the Ordinals coin has a total daily trading volume of $3,127,597 and is going for $0.000000121057 each.
The listing of SATS follows yesterday’s listing of Ordi on Binance, another popular Bitcoin Ordinals BRC20 memecoin. Although their mechanisms are totally different, the BRC20 system borrows its naming analogy from Ethereum’s ERC2O token standard. The majority of the tokens on the Bitcoin Ordinals Protocol are meme coins with the BRC20 standard designation.
The Bitget Innovation Zone
Listing SATS on the innovation zone of a leading cryptocurrency exchange will open up the meme coin to early investors. The majority of these investors are scouting for new high-potential projects and the innovation zone provides a convenient platform for new token offerings. According to Bitget, the innovation zone provides a 60-day valuation period after listing a new token. The exchange’s official team regularly reviews the new tokens, ensuring they are at par with Bitget’s listing standards.
Some of the quality standards that new listings must adhere to include: sufficient liquidity, trading volume, the project’s roadmap and the team’s experience. If a new listing fails to meet these quality standards, the official Bitget team may opt to deactivate its listing status.
In a public statement, the exchange’s managing director Gracy Chen noted that they had expanded their spot markets with 255+ fresh listings between Q1 – Q3 2023. Therefore, “granting exceptional access to highly potential digital assets
Meanwhile, the derivatives and copy trading platform advised interested traders to purchase SATS and other newly listed tokens through a bank transfer, debit/credit card or crypto deposit payment methods. Traders may opt to trade the SATS/USDT supported pair on either of Bitget’s Grid or Spot markets.
