In recent news, Coinbase, the largest cryptocurrency exchange in the US, announced its support for Sui (SUI) in its trading platform. This move is in line with Coinbase’s primary objective of providing credible crypto assets to retail customers and fostering the use of Web3. The California-based cryptocurrency exchange confirmed that if enough liquidity requirements were met, they would initiate trading of the SUI-USD pair in stages, with trading expected to start after 9 AM PT on May 18, 2023.
This development comes hot on the heels of the announcement made by Binance exchange, the world’s largest crypto trading platform by market share, that they would also be adding the SUI token and launching SUI farming on their portal.
However, this addition comes with a “catch,” as the SUI token will be listed under the “Experimental” category, a label reserved for cryptocurrencies that are either new to the market or have low trading volume compared to more established digital assets.
Despite the enthusiastic reception of this news by the SUI community, frustration is evident among PEPE holders who feel overlooked. Coinbase has been actively adding newer tokens to its listing roadmap recently, such as Osmosis (OSMO), a decentralized exchange built for the Cosmos ecosystem, which is currently awaiting listing approval.
In the aftermath of this announcement, the price of SUI has seen a boost of over 0.80% in the past hour, contrasting a 0.48% drop recorded in the last 24 hours. At the time of writing, SUI is trading at $1.21.
While the addition of SUI to Coinbase and Binance is undoubtedly promising for SUI investors and followers of new cryptocurrencies, the “experimental” label implies a certain level of skepticism about the long-term performance and stability of this digital asset. One has to wonder whether being placed under this label might affect the uptake of SUI by potential investors.
It remains to be seen if the inclusion of SUI in two major trading platforms will encourage the digital asset to thrive and establish itself among more well-known cryptocurrencies, or if it will continue to struggle in the shadows of its more established peers, ultimately leading to it being dropped from these platforms altogether.
In conclusion, though the listing of SUI by both Coinbase and Binance has generated excitement within the crypto community, prospective investors should conduct thorough market research before venturing into this new digital asset, especially considering its “experimental” label. As always, the onus lies on the investor to determine their risk appetite and make informed decisions.
Source: Coingape
