‘Wrong’ cryptocurrency rises with new Binance Launchpool listing

The Binance broker announced this Sunday (30) the 33rd listing on its Launchpool platform, the Sui cryptocurrency (SUI). In the past, some of the projects listed on the platform have grown tremendously and their tokens have registered great valuation performance.

However, part of the cryptocurrency community failed to understand that the project is still new to the market and is not listed on any other exchanges.

As a result, they ended up buying units of another cryptocurrency of the same name, Sui (IOU), which has a different ticker. The mistake caused the IOU to float in the market, rising 25% in the past 24 hours, according to data from CoinMarketCap.

Cryptocurrency Sui, with ticker IOU, misfired after Binance's announcement
Cryptocurrency Sui, with ticker IOU, misfired after Binance/CoinMarketCap’s announcement.

However, the “right Sui” going through the Binance list is still in the process of ICO and has no cryptocurrency on the market.

Sui listed by Binance is still in the ICO process
Sui, who is listed by Binance, is still working on ICO/CoinMarketCap.

Different cryptocurrencies with the same name are confusing investors

The case of “Sui” shows that many cryptocurrency investors did not pay attention to the differences between projects. This is because the Sui (IOU) is a token associated with the project, but it may not be a transferable token between exchanges.

Sui (SUI) is the native token of the network that pays network fees and starts listing on exchanges. In fact, the main token of the Sui blockchain is still being launched, which may have confused some investors.

According to Binance, coin staking to receive SUI will start on Monday (1/5). To earn rewards, users can wager BNB and TUSD.

“Binance is pleased to announce the 33rd Binance Launchpool project – Sui (SUI), a Layer 1 DPoS blockchain based on the move programming language. The page is estimated to be available 4 hours before Launchpool starts. Users can stake their BNB and TUSD in separate pools to farm SUI Tokens for 2 days, with farming starting 5/1/2023 00:00 (UTC).

Token should win 4 pairs on Binance

After the Launchpool listing process, Binance plans to list Sui on four trading pairs.

On the main platform, the SUI/BTC, SUI/USDT, SUI/TUSD, and SUI/BNB pairs are expected to arrive once the cryptocurrency has liquidity.

Binance further announced that the SUI/TUSD pair will have no trading fees from the start.

Past of some Binance Launchpool tokens show major market rallies

Whoever wagers TUSD and BNB on Binance to win Sui must receive between May 1-2, 2023 to compete to win 20,000,000.00.

For example, some that have come through Launchpool include Polygon (MATIC), which has already appreciated 31,000% since 2019.

In any case, those hoping to get the Sui network’s native token will have to wait a few more days, as the IOU is not the most important of the network.

Source: Live Coins