Binance Enhances Support For SUI Crypto, SUI Price To Rally?

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?

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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