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Earlier this week, the leading cryptocurrency exchange by daily traded volume and globally registered users Binance announced the introduction of Toncoin ($TON) on its Launchpool platform and the super earn program. As a result, Binance allowed its registered users to farm 7.6 million $TON coins via staking BNB, FDUSD, and $TON.
Interestingly, Binance announced earlier on Friday that it would be launching an additional quota with a max subscription capped at 50 $TON per user. The cryptocurrency exchange announced that the initial farming quota was oversubscribed a few minutes after the initial launch.
Due to overwhelming demand, the Toncoin $TON Super Earn was fully subscribed in minutes.
— Binance (@binance) August 16, 2024
We’re launching an additional quota at 12 pm UTC— max subscription capped at 50 $TON per user.
Act fast to secure your spot!
Details here 👉 https://t.co/k7OK4rkKMP pic.twitter.com/KerkZSQfwe
Growing Web3 Ecosystem on Toncoin Network
Backed by the Telegram social platform, with nearly 1 billion monthly active users, the Toncoin ($TON) network has registered a palpable growth in recent months. Furthermore, the Toncoin network has received strategic investments from several top-tier web3 investors led by Pantera, and HashKey among many others.
According to the latest market data, the Toncoin network takes pride in more than $559 million locked by the dozens of DeFi projects. Following the strategic partnerships between Toncoin and Tether, the network now has nearly $620 million in stablecoins market cap.
Next Targets for $TON Price
Toncoin price has slipped more than 5 percent in the last two days to trade at about $6.46 on Friday during the early New York session. The large-cap altcoin, with a fully diluted valuation of about $32 billion and a daily average traded volume of over $700 million, was rejected twice at its all-time high above $8, thus signaling a midterm bearish outlook.
Despite signaling a potential bullish breakout on the daily time frame from a following logarithmic trend, the $TON price has consistently closed below the 50-day Moving Average (MA), thus signaling further bearish sentiment.
As a result, $TON’s price could drop towards the support level of around $4.78 in the near term before continuing with its billing momentum later.