Binance Exchange to List Toncoin with Seed Tag, TON Price Soars 10%

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As a seasoned analyst with over two decades of experience in the financial markets under my belt, I must admit that I’ve witnessed a fair share of market developments and trends. The recent announcement by Binance to list Toncoin (TON) on its platform is an intriguing development, one that has caught my attention due to its potential implications for both the cryptocurrency exchange and TON ecosystem.

Binance, the biggest global cryptocurrency exchange, has shown increased interest in Toncoin (TON) by announcing its intention to add it to their platform for trading. Remarkably, on August 8, 2024, at 10:00 UTC, TON coin trading will be available, offering four different pairs: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY.

Binance Adds Seed Tag on Toncoin to Safeguard Users

Prior to the formal start of TON trading on Binance, deposits for the token have been enabled. This is so interested investors can prepare in advance. Additionally, the trading platform will facilitate TON withdrawals starting 24 hours after official trading begins, which is August 9, 2024, at 10:00 UTC. Notably, there is no listing fee for TON in Binance tokens (BNB).

Binance has previously engaged with the TON ecosystem. In the first quarter of 2024, they introduced TON Perpetual Contracts on their exchange platform. This product was officially launched at 12:30 UTC on March 1, 2024, causing a 10% increase in Toncoin’s price at that moment. The contract offers users up to 50 times the leverage, thereby drawing interest towards the blockchain and asset linked with Telegram.

Furthermore, Binance labels Toncoin as a ‘seed’ coin during its listing. This label signals that Toncoin is in its initial development phase and may show increased volatility and potential risks for traders. Consequently, anyone considering investing in or transacting with Toncoin should conduct thorough research before proceeding.

To avoid instances of fraud and maintain the security of users’ assets, it is crucial to implement this measure. It’s worth mentioning that due to the rise in cryptocurrency scams within The Open Network (TON) and Toncoin environment, the need for a secure tag has become increasingly important, as discovered by the blockchain security firm SlowMist.

Binance assigned a seed label upon listing the token NOT, which is associated with the popular 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.

As a researcher, I’m excited to report a significant milestone in the performance of TON: it has experienced a 10.28% growth over the last 24 hours and is now being traded at $6.32. Given its recent streak of daily losses and the overall bearish trend in the crypto market, this surge is particularly noteworthy.

After experiencing notable increases in value earlier this year, the cost of Toncoin appears to be approaching a larger scale reversal trend, as suggested by technical analysis. Specifically, Coinspeaker reported on August 2 that the price of Toncoin has created a daily double top formation, accompanied by bearish divergence on the Relative Strength Index (RSI). In simpler terms, this means that the price has formed two consecutive high points without significant increases in buying momentum, which could potentially signal a downturn in the near future.

In summary, the Toncoin system has made significant strides and transformed into a lively Web3 environment, largely supported by the Telegram community. Apart from Toncoin and Notcoin, there are numerous well-known projects within this ecosystem, with the Hamster Kombat game being one of them.

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2024-08-08 12:06