- TON has outperformed most of the crypto market in the past 24 hours.
- The asset’s price performance comes amid a Binance listing announcement.
- TON continues to make advancements to lure and lock in retail users.
From memecoins like DOGE and SHIB to NFT marketplaces like OpenSea, in every crypto market cycle, some projects drive a new wave of retail crypto adoption. During this cycle, the TON ecosystem has emerged as one of the retail adoption drivers with the rising popularity of TON-based clicker apps accessible via the widely used instant messaging app Telegram.
As interest in the TON ecosystem grows, so has support from leading exchanges like Binance. After launching futures trading support for Toncoin (TON) in March 2024, Binance has now announced plans to list the asset for spot trading, sending its price soaring.
Toncoin (TON) Gets Binance Boost
Amid a largely quiet market, TON has surged about 18% from lows around $5.4 to highs of about $6.4 in the past few hours. The trend-defying move follows a Thursday, August 8, Binance announcement to list TON on its spot market in a move that many believe will drive the adoption of the asset by making it more easily accessible.
The exchange disclosed that due to the listing, users could now deposit TON for trading against BTC, USDT, FDUSD, and TRY, with withdrawals to open on Friday, August 9.
Still, Binance noted that TON will be listed with a seed tag, a label the exchange applies to assets it believes to exhibit “higher volatility and risks” than other listed assets. As such, to trade TON, users would be required to pass a quiz on the perceived risk of the asset every 90 days.
"TON is a new listed token that poses a higher than normal risk, and will likely be subject to high price volatility. Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token," the exchange wrote.
Binance’s listing comes as the TON ecosystem continues to explore several avenues to attract and retain retail users.
Toncoin (TON) Goes Gasless
On July 25, 2024, TON’s core development team unveiled the W5 smart wallet standard, which will bring gasless transactions to the blockchain and reduce the barrier to entry.
At the time, the team disclosed that the standard would first be limited to a few assets on Tonkeeper, with plans to bring the feature to other popular TON ecosystem wallets like TON Space and MyTonWallet in the works.
Amid these efforts, the TON user base continues to grow, with data from Tonscan suggesting that the blockchain has played host to over 11 million unique users in the past 30 days.
On the Flipside
- Users in Canada, Cuba, Crimea Region, Iran, Japan, Netherlands, North Korea, Syria, the U.S., and any non-government-controlled areas of Ukraine are not eligible to trade TON on Binance.
- Large price jumps like TON’s recent surge are often followed by corrections as holders take profit.
Why This Matters
TON’s listing on Binance can drive even more users to the ecosystem, a bullish sentiment reflected in the asset’s recent price jump.
Read this for more on Toncoin (TON):
TON Foundation Taps Mocaverse in a $20M Strategic Initiative
Learn more about the recent PlusToken-tied ETH moves:
No Break for Ethereum as ETH Tied to $4B PlusToken Ponzi Moves
