New listing for Toncoin causes 10% surge despite Binance ‘curse’ concerns

Binance, the leading crypto exchange by trading volume, announced it will list Toncoin (TON) today, Aug. 8.

The exchange will enable spot trading for Toncoin with several pairs starting at 10:00 UTC. Withdrawals for Toncoin will commence on Aug. 9 at 10:00 UTC.

This new listing will feature a “seed tag” label, indicating a higher risk and potential volatility. Binance cautioned:

“TON is a new listed token that poses a higher than normal risk, and will likely be subject to high price volatility. Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token.”

Following the news, TON’s price rose 10% to $6.17 as of press time, according to CryptoSlate’s data.

Will the Binance ‘curse’ impact TON?

The Toncoin blockchain has experienced substantial growth over the past year, aided by its integration with the popular messaging platform Telegram.

This boost has positioned Toncoin among the top ten cryptocurrencies by market cap, surpassing networks like Avalanche, Dogecoin, and Cardano.

Yet, recent findings present a potential obstacle to Toncoin’s price continued ascendancy. Research indicates that tokens listed by Binance in 2024 have largely underperformed. According to Coin98 Analytics, nearly all of the 30 tokens listed this year are experiencing declines.

Binance Listed Crypto Tokens (Source: Coin98 Analytics)

This corroborates a report from crypto researcher Flow, who also noted that most listings on the exchange flopped.

According to the researcher, Binance’s market dominance and liquidity have drawn insiders looking to cash out their holdings. He stated:

“More often than not, tokens launching on Binance are not investment vehicle anymore – all their upside potential are already taken away. Instead, they represent exit liquidity for insiders who capitalize on retail lack of access to quality early investment opportunities.”

Nevertheless, TON enthusiasts believe the Binance listing would yield more positives for the project, improving its credibility and enhancing its visibility to more retailers.

The post New listing for Toncoin causes 10% surge despite Binance ‘curse’ concerns appeared first on CryptoSlate.