TON Surges 12% as Binance Opens Deposits Ahead of Trading

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

August 8, 2024 02:33 EDT

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Toncoin (TON) jumped 12% on Thursday following Binance’s announcement that the token would be listed for trading on Aug. 8.

Binance revealed that the new spot trading pairs—TON/BTC, TON/USDT, TON/FSUSD, and TON/TRY—will be available for trading. Users are now able to deposit the token in preparation for trading these pairs.

Withdrawals for the token will commence on Aug. 9 at 10:00 UTC. Additionally, the announcement indicated that a “seed tag” will be applied to Toncoin. Binance had earlier introduced TON futures trading on March 1.

Binance will list @ton_blockchain $TON with Seed Tag applied.

Details here 👉 https://t.co/q4pmNujPmp pic.twitter.com/9ZTFAA2fq8

— Binance (@binance) August 8, 2024

Binance assigns the “seed tag” to cryptocurrencies that are early in their development stage. This label is used to indicate that such coins may exhibit higher volatility and carry greater risks. The exchange employs this tag to alert users to the potential risks involved in trading these cryptocurrencies.

Toncoin (TON) surged over 10% in June, propelling it into the top 10 cryptocurrencies by market capitalization. Building on this momentum, TON’s value climbed 15% in the preceding week, and it currently commands a market value of about $15b.