Binance Enhances Support For SUI Crypto, SUI Price To Rally?
Highlights
- Binance launches USDC-margined SUI Perpetual Contract, boosting SUI trading options.
- Up to 50x leverage is offered, enhancing potential gains for SUI traders.
- SUI price sees price surge following Binance's announcement.
In a strategic move to bolster its offerings and cater to the evolving demands of crypto traders, Binance has announced the launch of the USDC-margined SUI Perpetual Contract. Meanwhile, this initiative, set to commence on February 8th, 2024, comes with a promise of up to 50x leverage, offering users expanded opportunities within the SUI crypto market. On the other hand, it has also sparked discussion among the crypto market enthusiasts over a potential SUI price rally.
Binance Enhances Support For SUI Crypto
Binance, the leading cryptocurrency exchange, has rolled out plans to introduce the USDC-margined SUI Perpetual Contract on its Futures platform, with trading slated to begin on February 8th, 2024. This move, as highlighted in the press release from Binance, aims to enrich the trading landscape on Binance Futures, providing users with increased flexibility and trading options.
Meanwhile, the contract will allow traders to leverage their positions up to 50 times, enhancing potential gains and diversification strategies within the SUI market. In addition, with a tick size of 0.0001 and 24/7 trading hours, traders can capitalize on market opportunities swiftly and efficiently.
Notably, the introduction of the USDC-margined SUI Perpetual Contract on Binance Futures has sparked anticipation within the crypto community regarding a potential rally in SUI’s price. With enhanced support and increased trading options, investors may view SUI as a more attractive asset, leading to heightened demand and subsequent price appreciation.
Additionally, the promotional trading fee discount of 10% until April 3rd, 2024, serves as an incentive for traders to actively participate in SUI trading on Binance Futures, further fueling potential price momentum.
Also Read: EigenLayer Protocol Breaks Records, $3.4B TVL in Ethereum Restaking
SUI Price Soars Over 2%
The SUI price was up 2.58% over the last 24 hours and exchanged hands at $1.56. Notably, the surge in the crypto’s price, amid a slump in the broader market, has been attributed to the latest announcement from Binance.
Notably, the trading volume of SUI also rose 63.68% from yesterday to $556.09 million. The SUI crypto has touched a high of $1.65 and a low of $1.53 over the last 24 hours.
Meanwhile, Binance’s decision to enhance support for SUI crypto through the introduction of the USDC-margined SUI Perpetual Contract reflects its commitment to innovation and meeting the evolving needs of its user base. As traders gear up to leverage this new offering, the SUI market may experience increased activity and a surge in trading volumes.
However, traders are reminded to stay informed about market risk conditions and potential adjustments to contract specifications. Overall, the launch of this perpetual contract marks a significant milestone in Binance’s quest to provide comprehensive and accessible trading solutions to its global audience.
Also Read: Binance Delists Monero, Multichain, Vai & Aragon, What’s The Reason?
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
