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

Binance, the starring crypto speech by trading volume, announced it volition database Toncoin (TON) today, Aug. 8.

The speech volition alteration spot trading for Toncoin with respective pairs starting astatine 10:00 UTC. Withdrawals for Toncoin volition commence connected Aug. 9 astatine 10:00 UTC.

This caller listing volition diagnostic a “seed tag” label, indicating a higher hazard and imaginable volatility. Binance cautioned:

“TON is simply a caller listed token that poses a higher than mean risk, and volition apt beryllium taxable to precocious terms volatility. Users indispensable workout capable hazard absorption and DYOR (do your ain research) to afloat recognize the task earlier opting to commercialized the token.”

Following the news, TON’s terms roseate 10% to $6.17 arsenic of property time, according to CryptoSlate’s data.

Will the Binance ‘curse’ interaction TON?

The Toncoin blockchain has experienced substantial growth implicit the past year, aided by its integration with the fashionable messaging level Telegram.

This boost has positioned Toncoin among the apical 10 cryptocurrencies by marketplace cap, surpassing networks similar Avalanche, Dogecoin, and Cardano.

Yet, caller findings contiguous a imaginable obstacle to Toncoin’s terms continued ascendancy. Research indicates that tokens listed by Binance successful 2024 person mostly underperformed. According to Coin98 Analytics, astir each of the 30 tokens listed this twelvemonth are experiencing declines.

Binance Listed Crypto Tokens (Source: Coin98 Analytics)

This corroborates a study from crypto researcher Flow, who besides noted that astir listings connected the speech flopped.

According to the researcher, Binance’s marketplace dominance and liquidity person drawn insiders looking to currency retired their holdings. He stated:

“More often than not, tokens launching connected Binance are not concern conveyance anymore – each their upside imaginable are already taken away. Instead, they correspond exit liquidity for insiders who capitalize connected retail deficiency of entree to prime aboriginal concern opportunities.”

Nevertheless, TON enthusiasts judge the Binance listing would output much positives for the project, improving its credibility and enhancing its visibility to much retailers.

The station New listing for Toncoin causes 10% surge contempt Binance ‘curse’ concerns appeared archetypal connected CryptoSlate.