New listing for Toncoin causes 10% surge despite Binance ‘curse’ concerns
Novel itemizing for Toncoin causes 10% surge despite Binance ‘curse’ concerns Novel itemizing for Toncoin causes 10% surge despite Binance ‘curse’ concerns
Market consultants illustrious that practically all of Binance-listed tokens this year have experienced steep declines in their values.
Quilt artwork/illustration via CryptoSlate. Picture contains mixed bid material that might maybe consist of AI-generated bid material.
Binance, the main crypto alternate by buying and selling quantity, presented it's miles going to checklist Toncoin (TON) recently, Aug. 8.
The alternate will enable attach buying and selling for Toncoin with several pairs starting at 10:00 UTC. Withdrawals for Toncoin will initiate on Aug. 9 at 10:00 UTC.
This recent itemizing will feature a “seed tag” tag, indicating a higher menace and seemingly volatility. Binance cautioned:
“TON is a brand recent listed token that poses a higher than standard menace, and is continuously area to high designate volatility. Users have to exercise sufficient menace management and DYOR (enact your bask in compare) to completely realize the project earlier than opting to alternate the token.”
Following the news, TON’s designate rose 10% to $6.17 as of press time, in accordance to CryptoSlate’s knowledge.
Will the Binance ‘curse’ affect TON?
The Toncoin blockchain has experienced noteworthy growth over the last year, aided by its integration with the usual messaging platform Telegram.
This boost has positioned Toncoin amongst the tip ten cryptocurrencies by market cap, surpassing networks fancy Avalanche, Dogecoin, and Cardano.
But, new findings new a seemingly impediment to Toncoin’s designate persisted ascendancy. Compare indicates that tokens listed by Binance in 2024 have largely underperformed. Fixed with Coin98 Analytics, as regards to all of the 30 tokens listed this year are experiencing declines.
This corroborates a sage from crypto researcher Float, who moreover illustrious that practically all listings on the alternate flopped.
Fixed with the researcher, Binance’s market dominance and liquidity have drawn insiders having a undercover agent to cash out their holdings. He acknowledged:
“As a rule, tokens launching on Binance are no longer funding automobile anymore â all their upside seemingly are already taken away. In its attach, they express exit liquidity for insiders who capitalize on retail lack of gain entry to to quality early funding opportunities.”
Alternatively, TON fans imagine the Binance itemizing would yield more positives for the project, bettering its credibility and improving its visibility to more outlets.
Talked about in this article
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's seemingly. He imparts insights on a range of topics fancy DeFi, hacks, mining and culture, underlining transformative energy.
Liam 'Akiba' Wright
Most ceaselessly is understood as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the seemingly to produce frequent positive commerce.
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TON is a Third-generation proof-of-stake blockchain designed in 2018 by the Durov brothers, the founders of Telegram Messenger.
Launched in 2018, this cryptocurrency is in accordance to multi-blockchain Proof-of-Stake system – TON (Telegram Begin Network, after 2021 The Begin Network) – designed to host a brand recent generation of cryptocurrencies and decentralized functions.
Binance
Binance is a global cryptocurrency alternate that offers a platform for buying and selling more than 100 cryptocurrencies.
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