3 months ago
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Following the news of the Binance listing, TON has seen a notable rise in its market value.
The world’s largest cryptocurrency exchange Binance has demonstrated more support for Toncoin (TON) with plans to list the coin on its platform. Noteworthy, the coin will commence trading on the platform on August 8, 2024, at 10:00 UTC. This includes four trading pairs: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY.
Binance Adds Seed Tag on Toncoin to Safeguard Users
Pending the official launch of TON trading on Binance, deposits of the token has opened. This is to enable interested investors to prepare ahead. Also, the trading platform will make a withdrawal of TON available 24 hours after trading officially commences, that is August 9, 2024, at 10:00 UTC. The listing fee for TON is set to 0 BNB.
This is not Binance’s first time interacting with the TON ecosystem. In Q1 2024, the cryptocurrency exchange launched TON Perpetual Contracts on its platform. The product took off at exactly 12:30 UTC on March 1, 2024, leading to a 10% rise in the price of Toncoin at the time. The product offers users up to 50x leverage, driving some attention towards the Telegram-associated blockchain and asset.
Additionally, Binance has included a seed tag to the Toncoin listing. This tag is a way of notifying users that TON is still in its early stages of development. Moreso, it informs traders that such coins may exhibit higher volatility and carry greater risks. As such, anyone who intends to invest in the token or conduct any transaction using TON is advised to do due diligence before going ahead.
This is to prevent cases of fraud and ultimately ensure the safety of users’ funds. Notably, the seed tag became even more necessary after blockchain security platform SlowMist discovered an increase in the occurrence of crypto scams on The Open Network (TON) and Toncoin ecosystem.
Binance also applied a seed tag when it listed NOT, the token of the top Telegram-based game Notcoin.
TON Price Surge by Over 10%
Following the news of the Binance listing, TON has seen a notable rise in its market value.
The coin gained 10.28% within the last 24 hours and is currently trading at $6.32. This is a huge achievement for the TON considering that in the past few days, it has been recording consistent losses, coupled with the broader crypto market downturn.
The price of Toncoin has inched towards a macro reversal pattern after registering palpable gains earlier this year. As of August 2, Coinspeaker noted that the TON price has formed a daily double top coupled with bearish divergence on the Relative Strength Index (RSI) from a technical standpoint.
Overall, the Toncoin ecosystem has registered tremendous achievements and grown into a vibrant Web3 ecosystem backed by the Telegram community. Beyond Toncoin and Notcoin, other popular projects tied to the ecosystem include the Hamster Kombat game.
