In May 2023, sales of Ordinals on the Bitcoin network exceeded the total volume of NFT trades on other networks. News of the added feature of the well-known blockchain attracted the attention of the crypto community. Disassembling and explaining the technologically different mechanism of digital art tokens was in the top queries. The topic unexpectedly influenced the interest in unpopular projects, among which was the Satoshi cryptocurrency. The material tells why this happened, as well as whether the asset is associated with the new Bitcoin feature. Readers will learn whether it is necessary to purchase the token and where it is traded.
What is the Satoshi cryptocurrency
A Satoshi query yields two types of results: content about the Bitcoin coin, as well as data about the cryptocurrency with the ticker SATS. The Bitcoin digital asset and the Satoshi token are not related, only a play on words unites them. It is important to be clear.
Satoshi is originally a bitcoin unit or, in other words, its smallest unit of measurement. The table shows examples for clarity.
| Currency name | Unit | Cálculo |
|---|---|---|
The unit, like the digital asset Satoshi, was named after the alleged developer of the Bitcoin blockchain network. The story behind the creation of the blockchain is still completely unreported. The author or the development team signed with a fictitious name – Satoshi Nakamoto. Subsequently, the identities of the creators also remained secret.
As a rule, units are used for settlements during transactions.
In turn, the Satoshi cryptocurrency is not related to the price of bitcoin, nor to its blockchain technology. Indirectly, interest in the project began to grow amid attention to the unit. The misunderstanding arises from the name of the ticker SATS and the peculiarities of the Bitcoin network update technology.
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In its essence, Bitcoin developers achieved an important improvement – they realized the creation of non-fungible tokens (NFT). For this purpose, they added a new feature to the unit. In addition to participating in commissions, it is now possible to insert additional information into each satoshi. Specify, for example, a digital version of a picture or any other document. The unit physically participates in the Bitcoin chain. It has its own hash address with the extension .sats. It is important to distinguish between cryptocurrencies and NFTs:
- AnNFT is an asset in a single instance with its own hash address.
- A cryptocurrency is a shared token offering with no uniqueness. All assets in an issue are not identical and are interchangeable. They do not have their own hash addresses and use a generic one that specifies the number of assets.
Satoshi in the unit’s understanding is the foundation of NFT in the Bitcoin network, it is in the form of a hash. The ending .sats is what causes the confusion. SATS cryptocurrency is an issue of digital tokens on the BNB Smart Chain network. Each of them does not have its own address.
The reasons for the interest in Satoshi cryptocurrency have been revealed. Often an indirect news background is enough for a sharp jump in the price of low-liquidity tokens. It occurs by coincidence and without direct involvement of the project. To assess the prospects of investing in Satoshi token, you should perform FOMO-analysis and consider trading activity.
The official website of the project has not been found. CertiK audit data leads to a GitHub repository page. However, as of May 2023, the information has been removed by the developers.
Also, the auditor’s report provides another name of the project – SatoshiART.
SATS price and statistics
According to information from open sources, the asset is created on the basis of a smart contract. The price as of May 19, 2023 is $0.0002686.
Charts and rate
The cryptocurrency has not shown trading activity since November 14, 2022. Despite the change in price, volumes are not represented on the charts.
General information about the Satoshi market
SATS is not traded on major exchanges. The only market is labeled with the name Put on your metamask. In the description of the resource there is a sarcastic statement of the creators that this is a joke. Two trading pairs are available here – SATS/BTC and BITS/BTC. Turnovers on them are also absent. Exchange transactions with the token were carried out until November 2022. At the moment, the volumes reached $7.5 million per day.
It is likely that the SATS cryptocurrency was created by the ironic authors of the platform.
Circulating and maximum supply
There is no data on the size of the issue. Tokenomics has also not been detected.
Market capitalization
Given the lack of information about the circulating supply, the total value of SATS cannot be calculated. The token is at 8484th place in terms of market capitalization and in the part of the list where projects with questionable reputation are represented.
How to buy Satoshi
There are no proven platforms for trading the asset. The only resource Put on your metamask does not meet the reliability indicators.
According to the outcome of the study, investments in the token are not justified. Before making a financial decision, it is always recommended to conduct an in-depth analysis of any project.
Perguntas frequentes
📢 Are there other cryptocurrencies with the same ticker?
Yes. Tokens from different projects may use the same name and/or abbreviations. This can be confusing. Satoshi, Baby Satoshi, Satoshis Vision, DeCus Satoshi, and Satoshi Satoshi projects are referred to by the ticker SATS.
⚡ Can I cancel a transaction after mistakenly purchasing a token?
No. In blockchain, it is not possible to undo a transfer. Therefore, it is important to carefully analyze the project before buying assets and verify the data with reliable sources.
📌 Why does the price on the SATS chart change if no trading volumes are recorded?
Monitors only take information from the SATS/BTC pair and automatically convert it to dollars at the current exchange rate. If you look at the bitcoin coin exchange chart, the price hasn’t changed since November 14, 2022, when the last sale was recorded.
🔥 Are there any movements on the Satoshi digital asset smart contract?
No confirmed address data has been found. Therefore, up-to-date information about actions on it is also not available.
✨ Satoshi cryptocurrency – scammers?
Information about affected holders was not found in the network. However, scarce information is a sure sign of the unreliability of the project.
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Autor: Saifedean Ammousespecialista em economia de criptomoedas.
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