TON to Trade on Binance on 8 August 10am UTC (6pm SGT)
Binance, the pre-eminent cryptocurrency exchange in terms of trading volume, has made a significant announcement regarding the listing of Toncoin (TON) on its platform, which has resulted in a 12% surge for TON.
Toncoin (TON) jumped 12% on Thursday following Binance's announcement that the token would be listed for trading on Aug. 8.#TON #Binancehttps://t.co/lZ2WwiLagu
— Cryptonews.com (@cryptonews) August 8, 2024
The exchange has introduced new spot trading pairs for TON, including TON/BTC, TON/USDT, TON/FSUSD, and TON/TRY, which will be available for trading on 8 August 2024 at 10:00 UTC (6pm SGT).
Binance will list $TON and open spot trading at 10:00 UTC today 💎👀 https://t.co/wV9JCdgj44
— TON 💎 (@ton_blockchain) August 8, 2024
Users can already deposit TON to prepare for trading prior to the official launch, with withdrawals set to be enabled 24 hours after trading commences, starting from 9 August 2024 at 10:00 UTC (6pm SGT).
Notably, Binance has set the listing fee for TON at 0 BNB, which is the exchange's native token.
This decision reflects the exchange's commitment to facilitating access to a diverse range of cryptocurrencies for its users.
Furthermore, Binance has applied a "seed tag" to Toncoin.
Binance will list @ton_blockchain $TON with Seed Tag applied.
Details here 👉 https://t.co/q4pmNujPmp pic.twitter.com/9ZTFAA2fq8
— Binance (@binance) August 8, 2024
This tag is used by the exchange to identify cryptocurrencies that are in the early stages of their development.
The "seed tag" serves as a warning to users that these coins may experience higher volatility and carry increased risks.
Binance employs this tag to caution users about the potential risks associated with trading such cryptocurrencies.
The exchange advises users to conduct comprehensive research before engaging in trades outside its platform to protect against potential scams and ensure the security of their funds.
The inclusion of TON on Binance's spot trading platform is expected to enhance its accessibility and liquidity, making it more attractive to a broader audience of traders and investors.
Binance Launched TON Perpetual Contracts
The listing of TON on Binance's platform follows the earlier introduction of TON Perpetual Contracts on 1 March, signalling a growing interest and demand for the token.
As per an official Binance Futures X post, the product was launched at 12:30 UTC on 1 March 2024.
#Binance Futures will launch the USDⓈ-M $TON Perpetual Contract at
🗓Mar 1 2024, 12:30 (UTC).
Read more➡️https://t.co/3hYpO8Fpah pic.twitter.com/5wMWswmtNd
— Binance Futures (@BinanceFutures) March 1, 2024
The announcement was met with a positive market reaction, with the price of the TON token surging by 10%.
Over the week following the launch, TON experienced an increase of over 35%.
This product offers users the opportunity to trade with up to 50x leverage, drawing attention to the Telegram-developed blockchain and its associated token.
Binance's move to enable TON trading comes on the heels of Telegram founder Pavel Durov's announcement that channel creators would now be eligible for financial rewards from ads.
In a message on his Telegram channel, Durov stated that creators would receive 50% of the revenue generated.
Durov penned:
“In March, the Telegram Ad Platform will officially open to all advertisers in nearly a hundred new countries. Channel owners in these countries will start receiving 50% of any revenue that Telegram makes from displaying ads in their channels.”
Exciting news for Telegram channel owners!
Telegram has launched a new feature allowing channel owners to monetize their content through the Telegram Ad Platform,Now channel owners can earn 50% of the revenue generated from ads displayed in their channels!#TON @ton_blockchain pic.twitter.com/10i8dwiR71
— Paul (@Importerpaul) April 11, 2024
He also noted that broadcast channels garner one trillion monthly views, with only 10% currently monetised through Telegram Ads.
The implementation of a new rewards system is likely aimed at providing channel creators with additional income streams.
There's more! By exclusively using the #TON blockchain for ad payments and withdrawals, Telegram is not only revolutionizing content monetization but also contributing to the growth of blockchain technology. It's a step towards a more decentralized future!
— Paul (@Importerpaul) April 11, 2024
Durov further explained that all related withdrawals and payments would be processed on the TON blockchain to ensure speed and security.
Content creators then have the option to either cash out their Toncoins or reinvest them in promoting and enhancing their channels.
TON Rebounds: Is a Bullish Trend Imminent or Will it Show Signs of a Bearish Sentiment?
In the wake of the recent crypto market volatility, characterised by swift liquidations, the bears intensified their grip on the market, with Toncoin emerging as one of the hardest-hit major altcoins during the 7 August market crash.
Following a turbulent performance in late July, the crypto market has exhibited a mix of sentiments, with frequent pump-and-dump scenarios over the past few days.
Leading tokens have continued to trade below critical levels, indicating uncertainty in their future price movements.
An analysis of the chart below reveals that TON's price nosedived by 30.68% from 1 to 5 August.
During the same period, the global altcoin market (TOTAL3) also contracted, but the magnitude of Toncoin's decline was more pronounced, suggesting a significant undervaluation.
This underperformance relative to the broader market is often attributed to an influx of liquidated leveraged positions, which can attract savvy traders looking to capitalize on potential rebounds.
The TON/USD chart shows early signs of such a trend.
Since hitting a bottom on 5 August, Toncoin has rebounded by 22.13%, reaching $5.45 as of 7 August.
This recovery indicates that investors are actively acquiring TON following its recent low, positioning it to potentially outperform the market average as the recovery phase accelerates.
Currently, the price of Toncoin (TON) stands at $6.32 according to CoinMarketCap, marking a 10.27% increase in the last 24 hours, despite a 6.6% drop over the past seven days.
Should the market maintain a bullish sentiment, Toncoin is poised to challenge its upper resistance level of $7.680 in the coming weeks.
Alternatively, if the bears retain control, Toncoin may retest its recent low of $5.155.
However, with the upcoming listing of TON on Binance and the subsequent enabling of withdrawals 24 hours thereafter, there is a possibility that Toncoin could surpass its all-time high.
◽ Binance has announced the listing of #Toncoin (TON) with a Seed Tag applied to boost security and transparency.
◽ The Seed Tag aims to ensure the integrity of transactions involving #Ton.
◽ What ATH (All-Time High) might #Toncoin reach following this listing?#Web3Nomad pic.twitter.com/MxZ320QrJU
— Web3 Nomad (@W3bNomad) August 8, 2024
