Bitcoin-based DeFi protocol Ordinals made headlines in the past couple of months and has since become a rather familiar name among traders and investors.
Binance listed a new token on the exchange trading by the name of Ordinals , resulting in confusion in the market. Due to a lack of clear description from Binance, many misunderstood the BRC-20 memecoin to be a native Ordinals protocol token. The meme coin benefitted from the confusion, rising by 40% in a day, bringing its four-day rally to 100%. This familiarity seems to have been accidentally exploited by a token listed on Binance, which resulted in a meme coin rally on Tuesday.
-day chart At the time of writing, the meme coin is trading at $10.35, standing at a six-month high. rally thanks to new meme coins While Dogecoin and Shiba Inu stand at the top of the meme coin tokens’ list owing to their large market capitalization, they have not been leading the meme coin market recently. Instead, emerging cryptocurrencies or random trending meme tokens have been acting as a catalyst for the entire market. Earlier last week, a Solana-based meme coin by the name of BONK was responsible for pulling up the meme coin market by rallying by nearly 101% in the span of seven days.
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