Crypto exchange OKX announced on December 15, 2023 the listing of the BRC-20 SATS token for spot trading. This announcement is likely to have a significant impact on the cryptocurrency market, both for SATS and other meme tokens. But what is SATS and why is it so popular? And what are the benefits and risks of trading this token on OKX? In this article, we will answer these questions and analyze the implications of this new list.
Updated on 15/12/2023 at 19:36 by Léa
So what is this new meme token on the OKX crypto exchange?
OKX is considered one of the largest and most reliable crypto exchange platforms. It has just announced the arrival of SATS on its list for spot trading.
RATE is a token even created by an anonymous team. This is the abbreviation for “satoshi”, the smallest unit of measurement for Bitcoin.
SATS is a BRC-20 token, it was designed for two main reasons:
- pay tribute to Satoshi Nakamoto, the creator of Bitcoin;
- democratize access to cryptocurrency.
In fact, SATS has a very low value. Which gives everyone the opportunity to own fractions of Bitcoin without spending a lot of money. According to CoinGecko, the price of SATS at the time of writing is $0,000,000,744,479. This means that one US dollar can buy approximately 1.3 billion SATS.
Is this a new competitor to other meme tokens?
On the one hand, the SATS listing on OKX could stimulate interest in meme tokens in general. This shows that:
- they are taken seriously by the major crypto exchanges;
- they have growth potential.
On the other hand, the listing of SATS on OKX may reduce the market share of other meme tokens. In fact, investors could prefer SATS to:
- its low value;
- his tribute to Bitcoin ;
- its network effect.
According to CoinGecko, the total market capitalization of meme tokens is $1.66 billion at the time of writing. SATS represents approximately 1.33% of this amount.
SATS on OKX: What impact on the crypto market?
The addition of SATS to OKX’s listing is a positive sign for the crypto token. As OKX is considered one of the leading cryptocurrency exchanges in the world, its listing provides SATS greater credibility.
OKX provides users with a secure, fast and user-friendly platform to trade, sell and buy cryptocurrencies. By listing SATS, OKX recognizes the potential of this token. At the same time, it provides greater visibility and liquidity. OKX also allows users to trade SATS with other currency pairs, such as USDT, BTC and ETH. Enough to increase trading opportunities and profit opportunities.
The addition of SATS to OKX may also cause the price to rise. Investors are likely to be attracted to the token because it is listed on a major exchange. In addition, SATS benefits from a network effect.
The rule is simple: the more people adopt it, the more the value of the crypto token increases. SATS has already seen impressive growth since its launch. According to CoinCodex, the price of SATS has actually up more than 22,000% since its all-time low of $0,000,000,003,189 in July 2023. SATS also reached its all-time high of $0,000,000,782,687 on December 14, 2023, the day of its listing on OKX.