TL;DR
- Binance’s latest listing resulted in a 10% price rally for the involved asset. Depositing is already on, wheareas withdrawals will be available from August 9.
- However, the company cautions about potential high price volatility for newly listed tokens, advising users to conduct thorough research before entering the ecosystem.
The Binance Effect
The world’s largest cryptocurrency exchange listed Toncoin (TON) – one of the top 10 alternative coins – on its platform. The exact spot trading pairs available for users are TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. The company revealed that clients can start depositing TON, while withdrawals will open on August 9.
Despite embracing the cryptocurrency, Binance warned about potential risks, such as high price volatility typically observed with newly listed tokens. “Users must exercise sufficient risk management and DYOR (do your own research) to fully understand the project before opting to trade the token,” it added.
The listing has positively impacted the price of Toncoin. It is up over 10% on a 24-hour scale and currently hovers around $6.40 (per Coingecko’s data).
Official listing on a major crypto exchange like Binance increases the acceptability and liquidity of the involved digital asset. It can also be seen as a mark of legitimacy and credibility.
One cryptocurrency that experienced a huge rally following support from Binance is Bonk Inu. The meme coin’s valuation pumped substantially after the company opened the following spot trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY in December 2023.
