This popular Altcoin is up 10% daily in the following listing on Binance: details

TL;DR

The latest Binance listing resulted in a 10% price increase for the asset involved. The deposit is now activated, while withdrawals will be available from August 9. However, the company warns about the possible high price volatility of newly listed tokens, advising users to do thorough research before entering the ecosystem. The Binance Effect

The world’s largest cryptocurrency exchange listed Toncoin (TON), one of the top 10 altcoins, on its platform. The exact trading pairs available to users are TON/BTC, TON/USDT, TON/FDUSD and TON/TRY. The company revealed that customers can start depositing TON, while withdrawals will open on August 9.

Despite embracing the cryptocurrency, Binance warned of potential risks, such as the high price volatility commonly seen with newly listed tokens. “Users should exercise sufficient risk management and DYOR (do your own research) to fully understand the project before choosing to exchange the token,” he added.

The listing has positively affected the price of Toncoin. It has risen more than 10% on a 24-hour scale and is currently around $6.40 (according to Coingecko data).

TON Price, Source: CoinGecko

Official listing on a major crypto exchange like Binance increases the acceptability and liquidity of the digital asset involved. It can also be seen as a mark of legitimacy and credibility.

One cryptocurrency that saw a huge surge after Binance’s support is Bonk Inu. The valuation of the meme currency increased substantially after the company opened the following spot trading pairs: BONK/USDT, BONK/FDUSD and BONK/TRY in December 2023.

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