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.
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.
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.
Binance is expanding its compliance team by 1,000 employees to address rising regulatory demands, aiming to manage increased costs and scrutiny from U.S. authorities. The company has also prevented $2.4 billion in potential fraud losses this year, highlighting its commitment to enhancing security and regulatory alignment.
AnaisThe 28th quarterly burn by the BNB Foundation eliminated $971 million worth of tokens, reinforcing the ecosystem’s commitment to reducing total supply and potentially increasing value.
SanyaThe SEC's attempt to classify BNB secondary sales as securities fails, though investigations into Binance’s activities continue.
ZeZhengBinance seeks dismissal of £10 billion lawsuit over BSV delisting controversy, arguing against claims of impeding its potential growth. Legal battle could impact exchanges and crypto community.
EdmundBNB rises 10% to $695, surpassing yearly high. Analysts foresee $1000 target, bullish trend. Regulatory ease and strong trading metrics support surge.
Huang BoBinance adapts to EU's stablecoin regulations, restricting access to unauthorized stablecoins by June-end, impacting various services and product offerings in the EEA.
Xu LinLuna Foundation Guard's significant token transfer raises eyebrows. AVAX and BNB struggle post-shift. LFG prioritizes fund security, transparency with custody solution plans.
Xu LinFlorida Court overturns Binance ban, citing procedural flaws. BNB surges amid broader market uptrend.
Huang BoDespite his four-month prison sentence, Changpeng Zhao’s $33B personal net worth, which is set to keep growing, makes him the richest US inmate in history.
KikyoRATS, Binance, why has Binance never listed rats spot? Golden Finance, Binance is now fighting a web3 wallet war with OK
JinseFinanceThe approval of a Bitcoin ETF has many optimistic about the possibility of an Ethereum spot ETF launching soon, but experts warn it could be a lengthy process.
JinseFinanceTD Cowen analysts say MicroStrategy stock’s premium over BTC will compress but not disappear as spot Bitcoin funds come online.
JinseFinanceOn June 20, 2023, X-Spot submitted an application for an injunction to the Hong Kong High Court, seeking to compel Huobo Global to cease its trademark infringement.
BrianBrief Recap Binance's decision to resume AEUR spot trading comes after a significant price surge and subsequent suspension. The exchange aims to address user concerns through a compensation plan, highlighting the challenges associated with the token's volatility.
Xu LinBlackRock’s filing renewed the hopes of several U.S. traditional finance firms. Here’s the list of companies that have resubmitted their applications.
cryptopotatoCould the world’s largest asset manager be the first firm to launch a Bitcoin spot ETF in the United States?
cryptopotatoA summer move to eliminate bitcoin trading fees and the collapse of rival exchange FTX pushed even more investors to the Binance platform.
CoindeskBitcoin spot to derivatives exchange flow has surged up recently, something that has preceded local bottoms for the crypto in the past.
BitcoinistThe U.S. Securities and Exchange Commission (SEC) will announce its decision on the Bitcoin-linked spot Exchanged Traded Funds (ETFs) proposals ...
Bitcoinist