A cryptocurrency within the Sui ecosystem has rapidly increased in value due to sudden support from the Binance exchange. The announcement that CETUS, a decentralized exchange and liquidity protocol on the Sui blockchain, would be listed by Binance has created waves in the market.
CETUS Listing
As the world’s largest cryptocurrency exchange by volume, Binance announced the listing of CETUS. According to Binance’s statement, CETUS would open for spot trading against USDT on Wednesday (November 6) and futures contracts would also be available. Withdrawals were set to begin on Thursday. This news led to a rapid increase in the value of CETUS, the project’s native asset.
Binance Conditional Listing
Binance categorized CETUS with a 'seed label,' indicating it could exhibit higher volatility compared to other listed tokens due to its lower liquidity. Users holding assets with the seed label are required to pass a risk-awareness exam every 90 days before trading with the tokens. CETUS users can earn tokens through liquidity mining on the Cetus platform. This token aims to provide a secure and convenient payment method among participants within the ecosystem.
Market Impact
As of the writing, the project’s market capitalization stands at $101.8 million, ranking it 439th among cryptocurrencies. The support from Binance positively influences CETUS’s market performance, while future developments of the project are being closely monitored by the community. The backing of a major platform like Binance may boost confidence in the Sui ecosystem and facilitate broader reach. Additionally, the seed label applied by Binance encourages users to be aware of risk management. In the frequently fluctuating cryptocurrency market, support from large exchanges plays a crucial role in the value appreciation of altcoins. As of the writing, CETUS retains a significant portion of its gains and trades at $0.3, reflecting a 60% increase in daily trading.
The listing of CETUS by Binance could increase visibility for projects within the Sui ecosystem and expand its user base. This development may provide new opportunities for investors while contributing to the sustainable growth of the project.
