From October 17, two new trading pairs were added to the world’s largest crypto exchange Binance’s Spot Algo Orders platform. The meme cryptocurrency Turbo (TURBO) and the Sui Network token (SUI) have been added to the platform in response to market trends and demands for using new digital assets.
The addition of SUI/BRL (Brazilian Real) and TURBO/TRY (Turkish Lira) pairs on Binance's Spot Algo Orders platform comes at a time when both tokens are experiencing significant market attention. Since September 2023, SUI has seen 140% price rise, making it enter the league of top 20 digital currencies based on market capitalization.
The surge in Sui Network’s native token drew investment from blockchains like Solana and Ethereum, resulting in numerous SUI meme coins creation.
Meanwhile, TURBO is an experimental AI-driven digital asset which was generated using OpenAI’s ChatGPT. In recent times, this AI-generated token has gained the attention of crypto enthusiasts resulting in a 30% price rise in a single day which made it a top performer in the cryptocurrency market.
Binance's decision to pair SUI with the Brazilian Real and TURBO with the Turkish Lira is strategically significant as both countries have high cryptocurrency adoption rates. Blockchain data platform Chainalysis report revealed that Turkey and Brazil were in 12th and 7th position respectively in terms of crypto adoption in 2022. As a result of this regional focus, the trading volume and the liquidity of both these tokens could increase significantly.
Binance's Spot Algo Orders platform lets crypto traders use automated trading strategies to enhance emotional decision-making, which in turn improves trading efficiency. The new pair of tokens will benefit from being on this platform.
However, it should be remembered that new tokens like TURBO and SUI are vulnerable to the price swings of the crypto market, which is recognised for its volatility. By adding these two tokens, Binance has upheld its commitment to offering diverse trading options and also made emerging digital assets available to a wide audience.