As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless listings and launches that have either skyrocketed or plummeted in value. The recent listing of Toncoin (TON) on Binance has caught my attention, not just because of its meteoric rise following the announcement, but also due to its intriguing background and potential.
Today, Binance, the world’s leading cryptocurrency exchange, has announced the availability of Toncoin token (TON) for immediate spot trading. The exchange will commence TON trading within the next two hours as stated in an official release. Currently, users are able to deposit Toncoin tokens into their accounts.
In a short while, it will be possible to conduct transactions involving TON with Bitcoin (BTC), USDT, USD, FDUSD, and Turkish Lira (TRY). As announced, withdrawals of Toncoin from your spot account are set to begin on August 9.
Due to the recent announcement, the value of TON soared by 15% and its transaction volume nearly doubled, showing the impact of Binance listing on it. At present, TON trades at $6.28 with a market capitalization of $15.8 billion, placing it eighth in the crypto market’s ranking. The trading volume for this Telegram-related token currently stands at $678.52 million.
Details
It’s worth noting that the Toncoin has been categorized with a “watchlist” label. Assets like this are closely monitored due to their increased volatility and risk levels compared to other tokens, as they are still in the initial phases of development.
It’s hardly shocking that TON was listed on Binance Spot, as it was only a matter of time. In fact, earlier in March, Binance began supporting perpetual altcoin futures, and by June, the platform had integrated the Tether (USDT) stablecoin into TON, enabling withdrawal and deposit of stablecoins within this network to the exchange.
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2024-08-08 12:28