Binance has listed Toncoin (TON) with several trading pairs, causing its price to jump over 10%. Trading started on August 8, 2024, and the Seed tag indicates that there could be higher price swings. In response, TON’s 24-hour trading volume surged by 90% to $657 million.
Binance, the world’s largest cryptocurrency exchange by trading volume, announced the listing of Toncoin on Thursday, leading to the price spike. Toncoin is the native cryptocurrency of The Open Network (TON) blockchain, which was developed by the community using technology from Telegram. This recent boost has pushed TON back into the top 10 cryptocurrencies by market cap.
Binance Lists Toncoin, Driving 10% Price Surge
Binance has announced the listing of Toncoin (TON) with several trading pairs, including TON/BTC, TON/USDT, and TON/FDUSD. Trading for TON started on August 8, 2024, at 10:00 UTC, with withdrawals available 24 hours after trading began. The exchange applied the Seed tag to TON, which is used for projects that may exhibit higher volatility and risks compared to other tokens. Binance had previously introduced TON futures trading on March 1.
Following the listing announcement, Toncoin’s price surged by over 10% in the last 24 hours. The price jump helped recover some of the recent declines, although TON is still down by 11% over the past 30 days. The price rose from around $5.70 early Thursday to about $6.40 after the announcement. The 24-hour trading volume for TON spiked by 90% to $657 million, with Toncoin currently trading at an average price of $6.31.
Gaming Surge on TON Blockchain Fueled by Telegram Rewards
Gaming on The Open Network (TON) blockchain has surged, largely driven by the rising popularity of clicker games that reward Telegram users with tokens. Inal Kardan, the TON Foundation’s Gaming Lead, highlighted that by December of last year, only about 1% of Telegram’s monthly active users were involved in gaming on the app.
In a recent interview, Kardan revealed that he had previously recommended that at least 10% to 12% of Telegram users should be engaged in gaming, aligning with the levels seen on other social platforms, like WeChat, where up to 30% are active. Currently, around 20% of Telegram users play at least one game per month.
Telegram, with its 950 million global users, is increasingly becoming a mini-game hub by leveraging the TON blockchain, reflecting its strong connection with the messaging app’s creators.
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