Bitaigen Research 
We examine the evolution of the SATS Ordinal token from both technical and ecosystem perspectives, dissect its issuance mechanism under the BRC‑20 standard, community response, and key milestones. Understanding the driving forces helps readers grasp the emerging trends in the Bitcoin ecosystem; the full article is worth a careful read. We also explore the logic behind its minting progress and the growth of holder addresses, providing a panoramic view.
Project Overview
In the second half of 2023, as the BRC‑20 standard matured within the Bitcoin ecosystem, the SATS Ordinal token quickly sparked intense discussion thanks to its massive issuance scale of 21 million inscriptions, representing a total supply of 21 trillion units. Although the initial supply caused many investors to adopt a cautious stance, continued promotion across multiple platforms and endorsements by several key opinion leaders accelerated both the minting pace and the number of holder addresses. Within just six months, the entire set of inscriptions was minted.
Key Milestones (chronological)
- March 9: SATS officially deployed with a total issuance of 21 trillion (equivalent to 21 million inscriptions); it became a focal point of conversation from the moment of launch.
- April 28: The first batch of inscriptions was fully minted; the sheer size of the supply generated considerable skepticism in the market.
May Progress
| Date | Minting Progress | Number of Holding Addresses |
|---|---|---|
| May 4 | 0.33% | — |
| May 9 | 0.40% | — |
| May 14 | 0.75% | — |
| May 15 | 1.00% | 7,309 ( first time crossing the thousand‑address mark ) |
| May 16 | — | Unisat market heat rose; Mint SATS became the preferred choice |
| May 17 | — | Approximately 8,000 wallets participated in a “zero‑balance” experiment |
| May 20 | 2.30% | — |
| May 21 | 2.66% | — |
| May 22 | 3.35% | — |
| May 23 | — | BRC‑20 launched on the OKX Web3 wallet; SATS order‑book trades appeared and holder count surpassed ORDI for the first time |
| May 29 | 6.60% | 15,186 |
| May 31 | 6.96% | 16,047 |
During May, the rapid expansion of the BRC‑20 market and the rising popularity of $oxbt attracted an increasing number of influencers who began promoting SATS.
June Progress
| Date | Minting Progress | Number of Holding Addresses | Notes |
|---|---|---|---|
| June 15 | 9.21% | 18,816 | Highest number of holder addresses |
| June 16 | 10.00% | — | First time crossing the double‑digit percentage |
| June 24 | 12.00% | — | — |
| June 29 | 13.69% | 19,831 | Mint cost $1.35 USD, market price $0.80 USD; single large purchase of $25,000 USD |
At this stage, the SATS community began to coalesce, and several large‑holder accounts started building positions.
July Progress
| Date | Minting Progress | Number of Holding Addresses | Notes |
|---|---|---|---|
| July 1 | 14.13% | — | — |
| July 8 | 18.23% | — | — |
| July 10 | 20.02% | — | Surpassed the 20% threshold |
| July 11 | — | — | @okxBRC20‑S officially opened deployment, boosting market confidence |
| July 20 | 30.14% | — | Mint cost $0.65 USD, market price $0.45 USD |
| July 30 | 36.87% | 26,905 | Mint cost $0.65 USD, market price $0.43 USD |
July saw a correction in Bitcoin price, leading to an overall dip in BRC‑20 trading activity. Gas fees fell to single‑digit levels, creating an attractive low‑cost entry window. OKX provided market‑making services for the Ordinals market, allowing some users to profit through arbitrage.
August Progress
| Date | Minting Progress | Number of Holding Addresses | Cost / Market Price |
|---|---|---|---|
| August 2 | 40.62% | — | — |
| August 8 | 45.43% | 28,157 | $0.65 USD / $0.43 USD |
| August 14 | 50.40% | — | — |
| August 22 | 60.56% | — | — |
| August 31 | 68.56% | 30,071 | $0.49 USD / $0.36 USD |
In August, Unisat reduced inscription fees, and platforms such as Binance and others introduced “mint‑on‑behalf” services, further stimulating activity in the BRC‑20 market. Consequently, SATS minting accelerated noticeably. *(U.S. users should access Binance services via Binance.US rather than the global Binance platform.)*
September Progress
| Date | Minting Progress | Number of Holding Addresses | Cost / Market Price |
|---|---|---|---|
| September 2 | 70% | — | — |
*The table continues with subsequent data as it becomes available.*
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*Note: Cryptocurrency gains may be subject to tax in many jurisdictions. Users should consult local tax regulations or a professional advisor regarding potential tax obligations.*
Related Reading
- Bitcoin Inscriptions & BRC-20 Tokens: Hype, Risks, and Market Outlook
- ORC-20 vs BRC-20: New Bitcoin Token Standard Explained
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