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The world's largest cryptocurrency exchange Binance announced the listing of Toncoin token (TON) for spot trading. TON trading on the exchange will begin today in less than two hours, the trading platform said in an official statement. At the time of writing, users can already make deposits.
In a few hours, transactions with TON will become available in the following pairs with Bitcoin (BTC), USDT, FDUSD and Turkish Lira (TRY). The withdrawal of funds in Toncoin from the spot account, according to the announcement, will be open tomorrow, Aug. 9.
As a result, the price of TON skyrocketed by 15% since the announcement. What is more, the turnover of Toncoin increased by almost 100%, which clearly characterizes the attention that the Binance listing brought to it. Currently trading at $6.28, TON has a market capitalization of $15.8 billion, which guarantees it the eighth place in the top of the crypto market. Meanwhile, the trading volume of the Telegram-related token is $678.52 million.
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Interestingly, the Toncoin listing was under the "monitoring" tag. This one is assigned to assets that exhibit higher volatility and risk than other tokens because they are in the early stages of development.
The listing of TON on Binance Spot can hardly be called surprising. It was rather a matter of time. Thus, earlier in March, Binance added support for perpetual altcoin futures, and in June, the platform also integrated the Tether (USDT) stablecoin into TON, allowing the withdrawal and deposit of stablecoins in this network to the exchange.