SUI Token Has Become Popular

Sui Network’s native asset, SUI, which has been attracting attention by the crypto community for months, will be listed simultaneously on major exchanges such as Binance, OKX, Kucoin and Bybit after the mainnet launch. In addition, interest in the SUI token has increased further as Binance allows the coin to be acquired through Launchpool. Binance launched a program this week that allows users to earn SUI by staking BNB and TUSD through the Launchpad platform. Developments related to SUI, on the other hand, became sensational with the move of Tron founder Justin Sun.

Following Binance’s announcement with SUI, Tron founder Justin Sun sent a high amount of TrueUSD (TUSD) to Binance. This investment to obtain the SUI token sparked a reaction from Binance CEO Changpeng Zhao, and CZ stated that they would intervene in this transaction, saying that Launchpool was designed for individual users, not whales. Upon Zhao’s reaction, a statement came from Justin Sun, and Sun ended the short-term crisis by saying that the TUSD investment was sent for market making purposes and not for any program in Binance.

After Justin Sun stepped back, the $ 56 million transfer was withdrawn and the exchange announced that 278,752 SUI tokens were sent back to the TUSD liquidity pool.

The fixed cryptocurrency sector has a mixed course in 2023. Glassnode data shows that the supply of the top 5 cryptocurrencies has declined by an average of 23% since the beginning of the year. Tether, the clear leader in the stable crypto industry, continued to increase its market share, reaching the highest level of the last 15 months in March. The increase in USDT’s market share is thought to be due to the significant outflow of USDC in the early part of the year. Tether currently has a market cap of close to $82 billion, while USDC continues with a market cap of $30 billion.