Binance, the main crypto alternate by buying and selling quantity, introduced it can record Toncoin (TON) in the present day, Aug. 8.
The alternate will allow spot buying and selling for Toncoin with a number of pairs beginning at 10:00 UTC. Withdrawals for Toncoin will begin on Aug. 9 at 10:00 UTC.
This new itemizing will characteristic a “seed tag” label, indicating the next danger and potential volatility. Binance cautioned:
“TON is a brand new listed token that poses the next than regular danger, and can doubtless be topic to excessive value volatility. Customers should train enough danger administration and DYOR (do your personal analysis) to totally perceive the undertaking earlier than opting to commerce the token.”
Following the information, TON’s value rose 10% to $6.17 as of press time, based on CryptoSlate’s information.
Will the Binance ‘curse’ influence TON?
The Toncoin blockchain has skilled substantial progress over the previous yr, aided by its integration with the favored messaging platform Telegram.
This increase has positioned Toncoin among the many high ten cryptocurrencies by market cap, surpassing networks like Avalanche, Dogecoin, and Cardano.
But, current findings current a possible impediment to Toncoin’s value continued ascendancy. Analysis signifies that tokens listed by Binance in 2024 have largely underperformed. In line with Coin98 Analytics, almost the entire 30 tokens listed this yr are experiencing declines.
This corroborates a report from crypto researcher Movement, who additionally famous that almost all listings on the alternate flopped.
In line with the researcher, Binance’s market dominance and liquidity have drawn insiders trying to money out their holdings. He acknowledged:
“As a rule, tokens launching on Binance usually are not funding automobile anymore – all their upside potential are already taken away. As an alternative, they signify exit liquidity for insiders who capitalize on retail lack of entry to high quality early funding alternatives.”
Nonetheless, TON lovers imagine the Binance itemizing would yield extra positives for the undertaking, enhancing its credibility and enhancing its visibility to extra retailers.
