Memetic cryptocurrency Satoshi saw its price surge by 140% just hours after major cryptocurrency exchange Binance announced it would list the token.
According to Lookonchain, a prominent on-chain analytics platform, the top 20 holders of Satoshi (SATS) currently control 333.3 trillion tokens worth $150.8 million. This accounts for 15.9% of the total supply. Six of these top holders acquired SATS through minting, amassing approximately 78.57 million SATS, currently worth $35.5 million.
As of this writing, the price of SATS is $0.0000004896, showing an impressive daily increase of 138.03%. This significant price movement occurred after Binance officially announced that it would be listing BRC-20 SATS on its platform, worth 1,000 times the value of SATS.
Trading will begin at noon (UTC) on December 12 with initial pairs including 1000SATS/USDT, 1000SATS/FDUSD, and 1000SATS/TRY. Users can already start depositing 1000SATS tokens during the preparation phase. Withdrawals will open one day later.
Binance set the listing fee for 1000SATS to BNB 0. The token will also be introduced as a borrowable asset on Binance’s Isolated Margin platform. The new margin pair is 1000SATS/USDT.
Binance stated that although 1000SATS represents 1,000SATS tokens, users can still deposit and trade regular SATS tokens, which will automatically be treated as 1000SATS amounts. SATS itself pays homage to Satoshi, the anonymous creator of Bitcoin (BTC). The smallest unit, 1 satoshi, is equivalent to 0.00000001 BTC.