- Binance is adding SUI token to its list of tradable assets, with BNB being part of the listing process.
- Binance staking activity remained stable, while BNB volume showed increased activity.
Binance has just revealed its intent to list the Sui token [SUI] in its list of marketable assets. The decision followed on the heels of the Sui team’s announcement of their token distribution strategy. It is worth noting that Binance’s own BNB token will be part of the listing process.
Read Binance’s [BNB] Price Forecast 2023-24
BNB is used for SUI agriculture
On April 30, Binance made a thrilling announcement about including the Sui token [SUI] in its Binance Launch pool. This means that Binance users now have the option to farm SUI tokens by staking both BNB and TUSD.
The deportation process began on May 1 and was scheduled to take two days. Once the liquidity threshold is reached, Binance will list SUI on its platform and open trading with several popular trading pairs, including SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB.
Wrong or calculated move?
On May 1, the crypto community was abuzz with news of Whale alert about a wallet linked to Justin Sun. The wallet had transferred over $56 million in TUSD to Binance. Since TUSD was one of the tokens eligible for staking in the SUI list on Binance, this transaction raised some eyebrows.
In answer, Chapeng ZhaoBinance’s CEO clarified that the team had warned Justin Sun of the consequences if any of the transferred TUSD was used to grow SUI. CZ also stressed that the airdrop was for retail users, not just a select group of whales.
Justin Sun responded to CZ’s post explaining that some team members had unknowingly used money for the campaign. He assured the community that steps were being taken to rectify the situation. While this has caused some concern, it was reassuring that the Binance team took proactive steps to prevent potential manipulation of the SUI list.
BNB volume peaks while staking activity remains normal
Recent data from Turn off rewards showed that the number of BNB bets remained stable over the past week. In addition, there were no significant changes in the number of recorded bets. At the time of writing, the total stake rate was 15%, with a market cap of over $8 billion.
While staking activity may not have seen a sudden surge, data from Santiment suggested that BNB’s trading volume picked up some steam. The current volume was 1 billion, almost double the volume recorded on April 3.
Source: Sentiment
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Slight dip, but the bullish trend continues
At the time of writing, BNB was trading at around USD 336, with a slight loss of less than 1%. This current spot price was a departure from the previous trading session, where Binance saw a gain of 4.8%.
However, despite this small dip, the Relative Strength Index (RSI) suggested that Binance was still bullish as it remained above the neutral zone.
Source: Sentiment
