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Binance to List Toncoin on 8 August as Bullish Sentiment Intensifies: Will TON Surpass its All-Time-High?
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TON to Trade on Binance on 8 August 10am UTC (6pm SGT)
Binance, the pre-eminent cryptocurrency exchange in terms of trading volume, has made a significant announcement regarding the listing of Toncoin (TON) on its platform, which has resulted in a 12% surge for TON.
The exchange has introduced new spot trading pairs for TON, including TON/BTC, TON/USDT, TON/FSUSD, and TON/TRY, which will be available for trading on 8 August 2024 at 10:00 UTC (6pm SGT).
Users can already deposit TON to prepare for trading prior to the official launch, with withdrawals set to be enabled 24 hours after trading commences, starting from 9 August 2024 at 10:00 UTC (6pm SGT).
Notably, Binance has set the listing fee for TON at 0 BNB, which is the exchange's native token.
This decision reflects the exchange's commitment to facilitating access to a diverse range of cryptocurrencies for its users.
Furthermore, Binance has applied a "seed tag" to Toncoin.
This tag is used by the exchange to identify cryptocurrencies that are in the early stages of their development.
The "seed tag" serves as a warning to users that these coins may experience higher volatility and carry increased risks.
Binance employs this tag to caution users about the potential risks associated with trading such cryptocurrencies.
The exchange advises users to conduct comprehensive research before engaging in trades outside its platform to protect against potential scams and ensure the security of their funds.
The inclusion of TON on Binance's spot trading platform is expected to enhance its accessibility and liquidity, making it more attractive to a broader audience of traders and investors.
Binance Launched TON Perpetual Contracts
The listing of TON on Binance's platform follows the earlier introduction of TON Perpetual Contracts on 1 March, signalling a growing interest and demand for the token.
As per an official Binance Futures X post, the product was launched at 12:30 UTC on 1 March 2024.
The announcement was met with a positive market reaction, with the price of the TON token surging by 10%.
Over the week following the launch, TON experienced an increase of over 35%.
This product offers users the opportunity to trade with up to 50x leverage, drawing attention to the Telegram-developed blockchain and its associated token.
Binance's move to enable TON trading comes on the heels of Telegram founder Pavel Durov's announcement that channel creators would now be eligible for financial rewards from ads.
In a message on his Telegram channel, Durov stated that creators would receive 50% of the revenue generated.
Durov penned:
“In March, the Telegram Ad Platform will officially open to all advertisers in nearly a hundred new countries. Channel owners in these countries will start receiving 50% of any revenue that Telegram makes from displaying ads in their channels.”
He also noted that broadcast channels garner one trillion monthly views, with only 10% currently monetised through Telegram Ads.
The implementation of a new rewards system is likely aimed at providing channel creators with additional income streams.
Durov further explained that all related withdrawals and payments would be processed on the TON blockchain to ensure speed and security.
Content creators then have the option to either cash out their Toncoins or reinvest them in promoting and enhancing their channels.
TON Rebounds: Is a Bullish Trend Imminent or Will it Show Signs of a Bearish Sentiment?
In the wake of the recent crypto market volatility, characterised by swift liquidations, the bears intensified their grip on the market, with Toncoin emerging as one of the hardest-hit major altcoins during the 7 August market crash.
Following a turbulent performance in late July, the crypto market has exhibited a mix of sentiments, with frequent pump-and-dump scenarios over the past few days.
Leading tokens have continued to trade below critical levels, indicating uncertainty in their future price movements.
An analysis of the chart below reveals that TON's price nosedived by 30.68% from 1 to 5 August.
During the same period, the global altcoin market (TOTAL3) also contracted, but the magnitude of Toncoin's decline was more pronounced, suggesting a significant undervaluation.
This underperformance relative to the broader market is often attributed to an influx of liquidated leveraged positions, which can attract savvy traders looking to capitalize on potential rebounds.
The TON/USD chart shows early signs of such a trend.
Since hitting a bottom on 5 August, Toncoin has rebounded by 22.13%, reaching $5.45 as of 7 August.
This recovery indicates that investors are actively acquiring TON following its recent low, positioning it to potentially outperform the market average as the recovery phase accelerates.
Currently, the price of Toncoin (TON) stands at $6.32 according to CoinMarketCap, marking a 10.27% increase in the last 24 hours, despite a 6.6% drop over the past seven days.
Should the market maintain a bullish sentiment, Toncoin is poised to challenge its upper resistance level of $7.680 in the coming weeks.
Alternatively, if the bears retain control, Toncoin may retest its recent low of $5.155.
However, with the upcoming listing of TON on Binance and the subsequent enabling of withdrawals 24 hours thereafter, there is a possibility that Toncoin could surpass its all-time high.
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