Bitrabo Editorial
Move over BRC-20 and meme coins, rare satoshis could be the next major frenzy in the world of cryptocurrency. Satoshis are the smallest units of Bitcoin, and the Ordinals Protocol allows for each satoshi to have a unique identity. This paves the way for the creation of Bitcoin-native digital artifacts known as nonfungible tokens (NFTs), where people can inscribe satoshis with customized content. A highly secretive group known as the “Sat Hunters” specializes in identifying, tracking, and trading rare and valuable historical satoshis.
Image: Coins.ph
Centralized Exchanges and Their Access to Rare Satoshis
On June 5, a prominent Ordinals influencer and developer disclosed that centralized exchanges possess substantial holdings of Bitcoin, and therefore have access to rare satoshis. Sat Hunters engage in transactions involving millions of BTC to uncover satoshis present during significant moments in the history of the crypto world. Ord.io revealed that the Binance cold wallet address alone holds a staggering 1.28% of the entire Bitcoin supply, equating to 24.8 trillion satoshis. Among this vast quantity, only three satoshis are classified as “rare,” while 12,394 are labeled as “uncommon.”
One by one, CEXs and mining pools will wake up and realize that they control vast swaths of the rare sat market.
This movement has only just begun.
— Leonidas.og (@LeonidasNFT) June 4, 2023
The Rare Satoshi Society and Their Trading Ventures
The Rare Satoshi Society has already facilitated over $1 billion in Bitcoin transactions in search of historically significant satoshis. They even managed to sell a single satoshi for an impressive 0.5 BTC. While this narrative remains largely hidden from the mainstream, the popularity of fungible tokens on the Bitcoin network has reached new heights. Recently, one of the world’s largest exchanges, OKX, made a significant announcement regarding the listing of ORDI, which stands as the largest BRC-20 token in terms of market capitalization, highlighting the growing prominence of fungible tokens within the crypto space.
Rare satoshis hold immense potential for collectors, investors, and enthusiasts, shaping the future of the ever-evolving landscape of cryptocurrency.
-Featured image from cryptonomist.gr