CoinMarketCap is a crypto data analysis service that is considered to be one of the most reliable sources of data in the world. The service has recently listed Satoshis to its lengthy list of digital currencies. A Satoshi is not a new digital token. Rather it is a smaller unit of Bitcoin. One Satoshi is equal to 0.00000001 Bitcoin. At the beginning of the Bitcoin launch, this number might seem ridiculous; however, today, when the value of 1 BTC has reached as high as $58,000 per unit, it can be given serious consideration.
Many investors were not sure about the status of Bitcoin as a proper store of value in the past. Now such investors seem to think that a chance to invest in Bitcoin is long gone. Under these circumstances, the new influx of traders has halted, and many are forced to look at other cryptocurrencies that seem to be more affordable. The price of one Satoshi is valued at $0.0005846, and it is placed at 4988th rank on the CoinMarketCap list.
Prominent Hedge Fund Manager Challenges Crypto Exchanges to list Satoshis
While all major crypto exchanges are offering Bitcoin staking, none have listed Satoshis on their platform. Veteran Investor and crypto enthusiast Mike Novogratz took to Twitter to start a new crypto campaign for Satoshis. He tagged major crypto exchange moguls like Changpeng Zhao from Binance, Brian Armstrong from Coinbase, Sam Bankman-Fried from FTX, and Tyler Winklevoss of Gemini exchange.
He challenged all heavyweights of the industry to become the first crypto exchange for enlisting Satoshis officially. Novogratz is the CEO of Galaxy Digital, a company that provides asset management services to institutional and high net worth investors. According to Mike, many clients are telling him that Bitcoin has become too expensive for investment consideration.
Investors have been Stashing Satoshis since 2018
A report issued by the crypto analytics firm Glassnode explains that the number of investors who have been quietly staking Satoshis is growing since 2018. The crypto analytics service called these covert investors the “Sat Stackers.” The report shows that about 5.25% of the total Bitcoin investors fall into this category.
A datasheet analysis shared by Glassnode shows that the Sat Stackers have been busy accumulating Satoshis into long-term cold storage wallets at a slow but consistent phase for a long time. The emergence of sat stackers is not a unique incident. The number of Sat Stackers rise dramatically during the 2017 bull rally, pertaining to the FOMO found among the retail investors at the time.