Binance announced today that it will allow trades with up to 50x leverage for a trending altcoin on mainnet news.
Binance launches transactions with up to 50x leverage in this altcoin
Major cryptocurrency exchanges around the world are starting SUI Coin trading with the launch of Sui Network’s mainnet on May 3. It has gained acceptance from nearly all major centralized exchanges, including Sui Network, Binance, OKX, and Bybit.
In a hot development, Binance is announcing that it will launch trading for SUI Coin with up to 50x leverage. The leading stock market, which started SUI transactions at 12:00 today, shared that it also activated leveraged transactions at 19:00 tonight.
The highly anticipated Sui Network is now live
Sui aims to surpass rivals Aptos and other DeFi networks by launching its mainnet today. The altcoin project is signed by former Meta Platforms employees. It currently has a valuation of $2 billion with a market cap of $687 million. However, Sui’s speed is not yet at the desired level. On Wednesday, there were an average of four transactions per second.
The network currently has more than 2,100 node operators concentrated in Germany and the USA. However, it is expected to be distributed further over time. Sui has secured VC funding with the backing of Mysten Labs and is being compared to rival Aptos.
Altcoin brought with it harsh criticism
Sui has recently come under criticism for its token economy. In April, it announced that the platform would not airdrop, a decision that disappointed community members. Instead, SUI started early-stage selling on three exchanges (OKX, KuCoin and ByBit). The altcoin appeared before the first investors with $ 0.3. This sale was capped at 10,000 tokens per person.
SUI Coin has climbed over 2000% from its pre-sale today after being listed on major exchanges such as Binance, OKX, and Bybit. Its price surpassed $ 2 on some exchanges and $ 3.5 on some exchanges. The data shows that the price of SUI fell sharply afterwards. cryptocoin.comAs we have reported, it inflicted more than 70% loss at one point.
Meanwhile, Twitter’s @NorthRockLP mentioned the SUI token earlier in the day. He suggested that the altcoin is not based on anything and has no utility or real value behind it. NorthRockLP says that the distribution of more than five billion tokens will be a big sale.
These altcoin projects are rising as SUI Coin falls
In the last day of over 50% of SUI Coin, a few altcoins like Stacks have outperformed. STX is up 12% in the last 24 hours and is trading at $0.801277 at the time of writing. Apart from STX, Rocket Pool (RPL) is also up 7.5% and is currently trading at $51.05
