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After the RONIN debacle at Binance, the subsequent statements appear to have had a calming effect. Just moments ago, an announcement was made that SUI, already trading on the exchange, will be added to SUI futures trading, which seems to have triggered a rise in altcoin prices.
Ronin Debacle and SUI Listing
Yesterday, Binance, which was in the news for internal information leaks, saw its co-founder make significant statements, assuring that such employees could not remain within the company. He even announced a reward system to prevent such incidents.
Following this process, a piece of news emerged that might indicate the establishment of a trust environment. Binance recently announced that SUI, a name we’ve been hearing frequently, will be opened for futures trading with up to 50x leverage. The announcement was as follows:
Dear Binance users;
To expand the trading options offered at Binance Futures and enhance the trading experience for our users, Binance Futures will launch the USDC-margined SUI Perpetual Contract with up to 50x leverage on 2024-02-08 at 07:00 (UTC).
More details about the USDC-margined SUI Perpetual Contract can be found in the table below:
What is the Price of SUI Now?
Following the news that Binance will start offering up to 50x leveraged trades, there was a noticeable uptick in SUI’s price, which at the time of writing, has risen over 4% to settle above $1.58.
Within minutes, the 24-hour trading volume of the altcoin also saw a rise, with its value increasing by 58% to reach $558 million. The market capitalization began to push the $1.9 billion level with an increase of nearly 4%. Despite today’s rise, it is important to remember that SUI has still seen a negative trend of over 2% in the last 7 days.
SUI was trading at $0.1 in May of the previous year. Today’s price of $1.58 could be interpreted as a sign of investors’ strong confidence in the altcoin.
