Toncoin (TON) the native crypto asset of Telegram’s The Open Network (TON) ecosystem surged by 12% following an announcement by Binance that the token would be listed for trading on August 8.
Binance announced the development around Ton on its official X page giving insights on the various trading pairs available on its platform.
“Fellow Binancians,
Binance will list Toncoin (TON) and open trading for the following spot trading pairs at 2024–08–08 10:00 (UTC).
- New Spot Trading Pairs: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY.
- Users can now start depositing TON in preparation for trading.
- Withdrawals will open at 2024–08–09 10:00 (UTC).
- TON Listing Fee: 0 BNB.
- Toncoin Network Explorer: tonviewer.com, tonscan.org, tonscan.com
Notes:
- The seed tag will be applied to TON.
- TRY is a fiat currency and does not represent any other digital currencies.
- The withdrawal open time is an estimated time for users’ reference. Users can view the actual status of withdrawals on the withdrawal page.
- For users running Spot Copy Trading portfolios, pairs can be included by enabling them in the [Personal Pair Preference] section of the Spot Copy Trading settings.
- There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise. Binance explained
The announcement highlighted plans to apply a seed tag to Toncoin. Binance assigns seed tags to cryptocurrencies that are fresh and still in their development stage.
The Seed tag label indicates coins prone to high volatility and carry greater risk. It is placed to warn investors about the risks involved before trading.
The Rise of Toncoin
Toncoin is a decentralized and open L1 blockchain, created by the community using a technology designed by Telegram. TON surged by 10% in June making an entrance into the top ten cryptocurrencies by Market Capitalization.
TON went on to surge by another 15% in the following week and currently has a market capitalization of $15.7 billion.
Toncoin became an important asset during the rise of Telegram-based Web3 clicker games like Tapswap and Hamster Kombat. Toncoin is the native crypto asset of the TON blockchain where these projects are hosted and is used for gas fees and utilities.
Toncoin Price Analysis
At the time of Report, Toncoin is exchanging hands for $6.22 surging by 9.2% in the last 24 hours with a maximum price of $6.41 and a minimum price of $5.36.
The crypto asset is 25.3% from its all-time high of $8.25
What to know
- Toncoin is the native crypto token of The Open Network (TON) ecosystem developed by Telegram with its main network launched on October 31st, 2019.
- The TON ecosystem has become one of the fastest-growing ecosystems in the industry due to the social media power of Telegram which is onboarding millions of users into Web 3.
