SUI, the native token of the Sui network, skyrocketed by 18%, reaching a price of $1.04, driven by key institutional endorsements.
The native token of the Sui network, SUI, has skyrocketed by 18%, reaching a price of $1.04. This surge is being driven by key institutional endorsements, with Binance and Grayscale playing a major role in the token’s price gain.
Binance’s announcement of a SUIUSD Perpetual Contract and Grayscale’s launch of a SUI Trust have both had a positive impact on Sui’s market status. Binance is introducing a new futures contract that will enable traders to have up to 20x leverage in trading SUI prices. Similarly, the SUI Trust by Grayscale reflects the ability of institutional investors to get involved in the token.
The increase in Sui’s price is in line with the recovery of the market. Bitcoin and other major cryptocurrencies also witnessed recovery this week, which also boosted the morale of Sui. Consequently, trading activity has picked up, which confirms the demand among buyers.
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