Binance, the world’s leading cryptocurrency exchange, recently announced that it would be temporarily suspending deposits and withdrawals for The Open Network (TON) on August 26. This maintenance is scheduled to last for approximately two hours, after which all services will resume. However, the exchange reassured users that this wallet maintenance would not affect token trading on the network. Binance also promised to take care of all technical requirements for its users during this period.
Earlier this month, Binance showed its support for Toncoin (TON), the native cryptocurrency of The Open Network, by introducing new trading pairs such as TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. This move contributed to a price rally for TON, with the altcoin spiking by approximately 10% on a 24-hour scale and reaching $6.40. This positive reaction reflects the strong performance of TON in the market, with a price rally of over 190% since the beginning of the year.
TON’s impressive rally can be traced back to late February when Pavel Durov, the CEO of the messaging application Telegram, announced plans to share 50% of the ad revenue generated on Telegram channels with channel owners in Toncoin. This announcement set off a chain of events that led to TON becoming one of the top 10 biggest cryptocurrencies by April, surpassing Cardano (ADA). This success was further fueled by strategic partnerships, such as the one with the AI company HumanCode, which offered an incentive of one million TON tokens to promote the adoption of palm-scanning technology.
While many leading cryptocurrencies experienced a correction in the first half of June, TON continued its uptrend, reaching a new all-time high of around $8.18. The price almost reached this peak again in July before facing increased volatility and settling at its current level of around $6.60. This fluctuation in price reflects the dynamic nature of the cryptocurrency market and highlights the importance of staying informed and updated on market developments.
Binance’s temporary suspension of TON deposits and withdrawals may have a short-term impact on users, but the exchange’s commitment to maintaining trading activities and handling technical requirements is a positive sign. The support for Toncoin and its recent price rally demonstrate the strong market performance of TON, driven by strategic partnerships and innovative initiatives. As the cryptocurrency market continues to evolve, staying informed and adapting to market dynamics will be crucial for investors and traders alike.
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