The world’s biggest cryptocurrency exchange by trading volume, Binance, announced the listing of a Toncoin (TON) with the Seed tag applied on Thursday. TON price spiked by more than 10% as soon as the announcement broke out.
Toncoin is the native crypto of The Open Network (TON) blockchain which was created by the community using a technology designed by Telegram. The recent surge has helped TON to re-enter the tally of the 10 biggest cryptos.
Binance set to list Toncoin
Binance mentioned that it will list several Toncoin trading pairs on its platform comprising TON/BTC, TON/USDT, TON/FDUSD. Trading for TON will commence on August 8, 2024, at 10:00 UTC and the withdrawals will be enabled 24 hours after trading begins.
The biggest crypto exchange had applied the Seed tag for TON. It is used for projects that might show higher volatility and risks in the market compared to other listed tokens. Earlier, Binance had launched TON futures trading on March 1.
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
Toncoin price surged by over 10% in the last 24 hours, while, most of the jump was recorded after Binance announced its listing. The fresh price jump has helped TON to wipe its past decline to some extent as it is still down by 11% in the last 30 days.
TON price picked up from trading around $5.7 in the Thursday early hours and landed straight to the $6.4 price zone post declaration. Its 24 hour trading volume is up by a massive 90% to stand at $657 million. Toncoin is trading at an average price of $6.31 at press time.
TON seeks to become the mini-games hub
Gaming on The Open Network blockchain has seen a surge driven by the popularity of clicker games that are offering token rewards to Telegram users. Inal Kardan, TON Foundation’s Gaming Lead, noted that as of last December, only about 1% of Telegram’s monthly active users were engaged in gaming on the app.
TON Foundation’s Gaming Lead, in a recent interview, revealed that he had previously suggested that at least 10% to 12% of Telegram users should engage in gaming. This is in line with the other social platforms, or even 30%, as seen on WeChat. He added that around 20% of Telegram users now play at least one game per month.
Telegram boasts 950 million users globally and is slowly becoming a mini-game hub by leveraging the TON blockchain. This reflects its deep ties with the messaging app’s creators.
