With an unexpected twist, the cryptocurrency exchange Binance announced this morning the imminent listing of the Toncoin (TON) coin from the Telegram ecosystem.
The crypto seems to have reacted well to the news, marking a price increase of over 10% in the first hours of trading on the platform.
Simultaneously, the on-chain data of the “The Open Network” network also report increasing cryptographic activities, highlighting a growth of interest among the public.
Let’s see everything in detail below.
Binance: the listing of the cryptocurrency Toncoin (TON)
This morning Binance, exchange leader in the digital trading sector, announced the long-awaited listing of the cryptocurrency Toncoin (TON) on its platform.
For months, users of the Telegram ecosystem had been hoping for a listing on the Binance crypto exchanges, given the recent progress made by the entire crypto infrastructure.
Today finally TON officially becomes part of the spot investment instruments offered by the well-known exchange on 4 different trading pairs.
In particular, from 10:00 UTC, trading is open for the trading pair for TON / BTC, TON / USDT, TON / FDUSD, and TON / TRY.
The deposits were instead opened in the early hours of the day.
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
TON has been introduced in the spot section of the exchange under the label “Seed Tag”, which labels those innovative projects where the risk of volatility is particularly high.
Users must complete a short quiz (every 90 days) to confirm they are aware of the risks associated with crypto trading in order to exchange the currency.
It is worth noting that users residing in Canada, Cuba, Crimea, Iran, Japan, Netherlands, North Korea, Syria, United States, and Ukraine cannot trade TON on Binance.
Copy trading for the new pair has been promptly enabled on the platform, as per standard practice for each new listing.
The Toncoin currency is not actually unfamiliar to Binance, as it has already been included in the list of perpetual futures trading under TON/USDT since March.
The integration into the spot section, however, opens up many more growth opportunities for the cryptocurrency, which can now rely on the presence of one of the most liquid and popular exchanges in the world. It is clear that the presence of Binance could make TON and its blockchain products available to millions of people around the world.
Price analysis of the crypto TON: +10% in one day
The listing of TON on Binance was accompanied by a bullish spirit from the traders of the exchange. Immediately after the announcement of the news, the price of the crypto grew by about 10%, settling around 6.4 dollars approximately.
In reality, a large part of the pump arrived in the hours leading up to the listing on Binance on other cryptocurrency exchanges in the sector.
From 10:00 UTC onwards, however, the currency grew by only about 3%, before hinting at a retracement attempt by the bears.
Thanks to the latest movement TON managed to fully recover the collapse on Monday, which had led to a 12% depreciation.
Very interesting to note how, although on almost all platforms we can observe a daily variation of 10% on TON prices, on Binance the share amounts to 40%.
This is because the exchange introduced the coin with an initial price lower than the actual market price, creating more engagement on its infrastructure.
The less attentive traders, noticing the token trending with boosted percentages, might indeed be misled and be more attracted to trade the resource.
Binance listing TON spot
Market marker opens the market lower so it has a 40% candle and trending on Binance.
smells like DWF move 
— 
Pope (@web3tokenomics) August 8, 2024
In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Understanding these concepts is crucial for investors.
In a broader time horizon, we can ascertain how TON has recorded a strong increase in its value since the beginning of the year, marking a +167%.
Despite the fact that from June onwards the currency has seen a dip of 40% from maximum to local minimum, the situation remains overall positive.
The listing today on Binance, introducing the cryptocurrency to millions of traders, could trigger a new bull wave on the crypto of Telegram bringing it back towards the path of new all-time highs.
The state of the Ton blockchain and the Telegram ecosystem
The blockchain of TON, also known as “The Open Network” will definitely benefit from the listing of the main token of the Telegram ecosystem within the Binance exchange.
Given the popularity of the exchange, it is likely that the cryptographic network of Toncoin will see its on-chain metrics, already positive in themselves, grow further.
Currently, TON claims to have 5.8 million active wallets monthly on the chain, appearing as one of the most used blockchain networks in the world.
Exploiting the internal power of Telegram, which has 950 million users on the social media, the chain has quickly managed to create a thriving web3 activity.
In 2024, there have been several initiatives that have generated significant interest from the retail public on The Open Network.
One of these is definitely the integration of USDT in April, which allowed broader access to the internal resources of the blockchain thanks to the presence of the largest stablecoin in the world.
In the meantime, the vast presence of tap-to-earn mini-games has led to a peak of enthusiasm for everything concerning the TON ecosystem.
In particular, games like Notcoin, Hasmter Kombat, Yescoin, Catizen, and DejenDog, following the promise of airdrops to the community, have elevated the number of daily active addresses on the chain to 444,000 units.
Think that at the beginning of the year this figure was only 27,000 active users, over 16 times less than the current value.
While the on-chain activity on TON is proceeding at full speed, the total sum of capital stored within it has recently registered a significant drop.
On August 1st, just a week ago, the TVL of the network amounted to 765 million dollars while now it stands at 576 million dollars.
It is a drop of almost 200 million dollars in just one week, driven by the outflows of the DEX Ston.Fi and deDust.
Nonetheless, the outlook from January 2024 remains positive with the TVL having grown by over 40 times compared to the 14 million dollars as initial capital.
We will see if the presence of the centralized brand Binance will bring more cryptographic money also into the decentralized infrastructures of TON.
