Toncoin takes off: Binance listing boosts TON by 13%

As a researcher who has followed the crypto market for several years and witnessed the rise and fall of numerous projects, I must admit that I am quite intrigued by the progress made by TON network and its native token Toncoin. The rapid growth of this young but promising blockchain is indeed impressive, especially considering its recent listing on Binance, one of the world’s largest crypto exchanges.

The decentralized network called The Open Network (TON) and its supporters are jubilant since their native cryptocurrency, Toncoin [TON], has been approved for a significant listing. This makes it the most recent digital asset to gain approval for trading on Binance, a prominent exchange platform.

As a long-time observer of the cryptocurrency world and having dabbled in several projects over the years, I have to say that TON is one of the most promising networks I’ve come across recently. Not only does it boast impressive growth this year, but it also stands out as one of the newer players in the field. What sets TON apart from others is its aggressive push towards mainstream adoption, aided by strong backing from popular games like Hamster Kombat. Personally, I have seen many projects come and go, but the combination of youthful enthusiasm and solid technology that TON possesses gives me confidence that it has a bright future ahead. I am excited to see where this network goes and how it will shape the landscape of blockchain technology in the years to come.

Binance confirmed earlier on 8th August that it will list Toncoin.

The announcement signified a significant achievement for the network, as demonstrated by the optimistic response from the market after the news broke.

Toncoin pulled off a 13% uptick within the first three hours after the announcement. It traded at $6.32 at press time.

Toncoin takes off: Binance listing boosts TON by 13%

Over the past 24 hours, purchasing activity has propelled TON to increase its recovery by approximately 33% from its lowest point this week. The digital currency is now only 5% shy of regaining all the losses it suffered during the recent market downturn.

Brighter future for Toncoin?

Obtaining a spot on Binance, one of the leading global cryptocurrency exchanges, could significantly boost the TON blockchain’s progress. This listing would not only increase the ease with which Toncoin can be acquired, but it might also introduce it to increased market liquidity.

However, let’s consider the potential of Toncoin and the TON network. To get a general sense, we might examine some of its primary performance indicators.

As a crypto investor, I’ve noticed an exciting trend in the network’s transactions. Initially, the volume surpassed the $1 billion threshold fairly swiftly. Yet, reaching the $10 billion milestone seemed to take more time and patience.

Toncoin takes off: Binance listing boosts TON by 13%

In the course of 2024, the TON network has undeniably made its mark on a larger scale, primarily due to substantial daily transaction volumes. To put this into context, the highest daily transaction volume reached an impressive $4.88 billion in June 2024, representing a significant increase of over four times within just under a year.

In the year 2024, TON‘s substantial network activity was fueled by a strong surge in user base. Initially, the network counted fewer than 100,000 active addresses in January.

Despite a significant increase, the number of addresses on TON saw a robust expansion from February to June. The total addresses reached a peak of 3.13 million in May.

On average, more than a million unique TON users were active each day from May to July. However, this activity raises questions about Toncoin’s influence. In the past six months, data shows that the majority of Toncoin’s total supply is controlled by large investors, often referred to as ‘whales’.

They have been distributing to retail traders that maintained strong demand.

Whale holdings dropped from as high as 67.16% in February to 65.41% in August.

During that period (February to August), retail ownership expanded from 6.46% to 9.23%. On the other hand, investor ownership decreased slightly from 26.38% to 25.36%.

As a crypto investor, I’ve noticed an increasing trend in the number of individual users (retail addresses) and their holdings, which indicates that TON‘s user base is rapidly expanding. This growth could become even more pronounced in the future since its native cryptocurrency is now being listed on significant exchanges.

2024-08-08 22:16

Brighter future for Toncoin?

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