Binance, a major player in the cryptocurrency exchange space, has finally added support for the SUI (SUI) token and has made trading available for it. However, the token’s price has plummeted by a massive 70%, causing concern among traders. Here’s what you need to know.
Binance Introduces SUI Trading Pairs
Originally, Binance had planned to launch SUI trading pairs at a different time, but the exchange changed the launch time to 12:00 p.m. UTC. Binance has included SUI to its list of supported tokens, which also includes OKX and KuCoin. Traders can now buy and sell SUI against several other cryptocurrencies and fiat currencies such as Bitcoin, USDT, TUSD, EUR, BNB, and TRY.
However, a Binance blog post revealed that the exchange will not charge any maker fees for SUI/USDT trading pairs until further notice. The post also clarified that EUR and TRY are fiat currencies and do not represent any cryptocurrencies.
Other Major Crypto Exchanges to Follow Suit
Apart from Binance, other major cryptocurrency exchanges like Bybit, OKX, and KuCoin are also getting ready to launch SUI trading pairs. Nevertheless, the official SUI coin team has asked these exchanges not to launch SUI-based perpetual futures trading.
SUI Price Drops by 70%
Despite the launch of SUI trading pairs, the SUI token’s price has taken a significant hit, trading at $1.31, which is down by 70%, according to data from CoinMarketCap. This drop in price may be due to a tweet by a Twitter account owner named @NorthRockLP, who referred to SUI as “complete vapor ware” and suggested that it has no utility or actual value behind it. The account also recommended selling it, especially if investors own more than five billion of these tokens.
Should You Invest in SUI?
It’s worth noting that investing in cryptocurrencies is risky, and returns are not guaranteed. Furthermore, an analyst has referred to SUI as “vapor ware,” and the token’s price has taken a significant hit. As always, it’s advisable to conduct thorough research and consider all factors before investing in any cryptocurrency.
Binance has launched SUI trading pairs, but the SUI token’s price has plummeted by 70%. Other major cryptocurrency exchanges are also preparing to launch SUI trading pairs, but the SUI coin team has requested that these exchanges do not launch SUI-based perpetual futures trading.
Traders are advised to do their due diligence and consider all factors before investing in any cryptocurrency.