SUI leads the crypto market: With the explosion of DeFi ecology and the support of Grayscale Trust, how many times can the price soar?
SUI led the cryptocurrency market with a 20% increase yesterday, outperforming most digital assets and attracting widespread attention. According to Binance data, from a low of $0.74 on September 2 to an intraday high of $1.07 on September 12, the price of SUI has soared by more than 44%. In contrast, the total market value of the entire crypto market has only risen by less than 2%, and the current total market value is $2.14 trillion.
On September 12, 2024, Grayscale announced the launch of the Grayscale SUI Trust Fund, which is officially open to qualified investors. This move provides institutional investors with a channel to invest in SUI and further increases market confidence in SUI. Grayscale pointed out that the design goal of the SUI Trust is to track the market price of the SUI token, minus related fees and expenses. Similar to Grayscale's other single-asset investment trusts, the SUI Trust focuses only on the native tokens of SUI's layer 1 blockchain.
This news shows that institutional funds are accelerating into the SUI market and provides strong support for SUI's long-term growth.
Binance coin-margined perpetual contracts are launched
In addition to the Grayscale Trust, another major development for SUI is that Binance will launch SUI coin-margined perpetual contracts on September 18, 2024, with a maximum leverage of up to 20 times. Coin-margined contracts are advanced trading tools that provide a more complex way to participate in the market, and not all crypto assets are eligible for this treatment. According to Binance data, only 17 of the 30 currencies with a current market value higher than SUI have launched coin-margined contracts. SUI's support for such contracts further consolidates its market position and enhances trading depth.
