Binance, the main crypto trade by buying and selling quantity, introduced it should checklist Toncoin (TON) as we speak, Aug. 8.
The trade 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 a better danger and potential volatility. Binance cautioned:
“TON is a brand new listed token that poses a better than regular danger, and can probably be topic to excessive worth volatility. Customers should train enough danger administration and DYOR (do your personal analysis) to completely perceive the challenge earlier than opting to commerce the token.”
Following the information, TON’s worth rose 10% to $6.17 as of press time, based on CryptoSlate’s information.
Will the Binance ‘curse’ affect TON?
The Toncoin blockchain has skilled substantial development over the previous yr, aided by its integration with the favored messaging platform Telegram.
This enhance 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 worth continued ascendancy. Analysis signifies that tokens listed by Binance in 2024 have largely underperformed. Based on Coin98 Analytics, practically all the 30 tokens listed this yr are experiencing declines.
This corroborates a report from crypto researcher Stream, who additionally famous that the majority listings on the trade flopped.
Based on the researcher, Binance’s market dominance and liquidity have drawn insiders seeking to money out their holdings. He acknowledged:
“As a rule, tokens launching on Binance should not funding car anymore – all their upside potential are already taken away. As a substitute, they characterize exit liquidity for insiders who capitalize on retail lack of entry to high quality early funding alternatives.”
However, TON lovers consider the Binance itemizing would yield extra positives for the challenge, bettering its credibility and enhancing its visibility to extra retailers.