BNB’s latest surge in volume could have a lot to do with Binance’s latest move
- Binance adds SUI token to its roster of tradable assets, with BNB being part of the listing process.
- Binance staking activity remained steady, while BNB volume showed heightened activity.
Binance just unveiled its intention to include the Sui token [SUI] in its roster of tradable assets. The decision followed closely on the heels of the Sui team’s disclosure of their token distribution strategy. It’s worth noting that Binance’s own BNB token will be part of the listing process.
Read Binance’s [BNB] Price Prediction 2023-24
BNB to be staked for SUI farming
On 30 April, Binance made an exciting announcement about including the Sui token [SUI] in its Binance Launch pool. This means that Binance users now have the opportunity to farm SUI tokens by staking both BNB and TUSD.
The staking process began on 1 May and was set to run for two days. Once the liquidity threshold is reached, Binance will list SUI on its platform and open trading with various popular trading pairs, including SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB.
Error or calculated move?
On 1 May, the crypto community was abuzz with news from Whale Alert about a wallet linked to Justin Sun. The wallet had transferred over $56 million worth of TUSD to Binance. Given that TUSD was one of the tokens eligible for staking in the SUI listing on Binance, this transaction raised some eyebrows.
In response, Chapeng Zhao, the CEO of Binance, made it clear that the team had warned Justin Sun of the consequences if any of the transferred TUSD was used for farming SUI. CZ also emphasized that the airdrop was intended for retail users, not just a select group of whales.
Justin Sun responded to CZ’s post, explaining that some team members had unknowingly used some funds for the campaign. He assured the community that steps were being taken to rectify the situation. While this may have caused some concern, it was reassuring that the Binance team took proactive steps to prevent any potential manipulation of the SUI listing.
BNB volume spikes as staking activity remain normal
Recent data from Staking Rewards showed that the number of BNB stakes over the last week remained steady. Additionally, there were no significant changes in the number of stakes recorded. As of this writing, the total stake percentage stood at 15%, with the staking market cap valued at over $8 billion.
While the staking activity may not have seen any sudden surge, data from Santiment suggested that BNB trading volume picked up a bit of steam. The current volume stood at 1 billion, nearly double the volume recorded on 03 April.
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Slight dip, but the bullish trend continues
At the time of writing, BNB was trading at approximately $336, experiencing a slight loss of less than 1%. This current spot price was a deviation from the previous trading session, where Binance witnessed a gain of 4.8%.
However, despite this small dip, the Relative Strength Index (RSI) suggested that Binance was still bullish as it remained above the neutral zone.