Toncoin (TON) is getting additional backing from Binance, the biggest cryptocurrency exchange in the world. 

Binance wants to offer the coin on its platform. Notably, the currency will trade on the platform starting at 10:00 UTC on August 8, 2024. This includes four trade pairings: TON/TRY, TON/FDUSD, TON/USDT, and TON/BTC.

A token’s price frequently rises just before it is scheduled to go live on Binance. The exchange’s dominating position in the cryptocurrency market is primarily to blame for this phenomenon, which is frequently referred to as the “Binance effect.” Listing a token on Binance, the largest cryptocurrency exchange in the world, may greatly increase its visibility and accessibility to a broad user base.

Binance announced that it will list TON (TON) tokens on August 8, 2024, at 10:00 (UTC) and will add a seed tag. The following trading pairs will be available: TON/BTC, TON/USDT, TON/FDUSD. Previously, Binance launched TON futures trading on March 1.https://t.co/1BUBUjmJTL

— Wu Blockchain (@WuBlockchain) August 8, 2024

Binance adds Seed Tag to Toncoin

Deposits for the cryptocurrency are now being accepted, pending the formal start of TON trading on Binance. This will allow potential investors to plan. Additionally, the trading site will allow TON withdrawals starting at 10:00 UTC on August 9, 2024, 24 hours after trading officially opens. For TON, there is no listing charge of 0 BNB.

This will eventually guarantee the security of user payments and stop fraud incidents. Notably, SlowMist, a blockchain security platform, found that the frequency of cryptocurrency frauds on The Open Network (TON) and Toncoin ecosystem has increased, making the seed tag even more critical.

“Innovative projects” that “may exhibit higher volatility and risks compared to other listed tokens” are given seed tags by Binance, the exchange continued. Several variables, including trading volume, liquidity, development activity, network stability, and projects’ reaction to requests for due diligence, may cause tags to be deleted over time.

Users who live in the United States, Ukraine, Canada, Cuba, Iran, Japan, the Netherlands, North Korea, Syria, and Cuba are not eligible to trade the pairs.

Increased blockchain activity?

The price of TON surged by 6% minutes after the news, surpassing $6, according to the most recent data available from CoinMarketCap. However, Toncoin still needs to make more progress before it can match its $8 annual peak in 2024.

Technically speaking, on the daily chart, TON’s Relative Strength Index (RSI) is now 61. Despite the token’s recent increase, this indicator indicates it has more opportunity to rise before reaching the overbought area (over 70). Despite the good news for TON, the market isn’t strong right now. 

However, this year’s most significant recent spike was after the release of well-liked Telegram mini-games like Catizen, Notcoin, Hamster Kombat, and Yescoin. Users may earn in-game currency through tap-to-earn games, which they can eventually exchange for actual token airdrops on TON.

Amidst the spike in popularity of its blockchain, Toncoin has climbed to become one of the top ten cryptocurrencies by market capitalization this year. According to Coinmarketcap, its market value is currently $15.4 billion, more than doubling since the beginning of 2024.

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