Binance, the world’s leading cryptocurrency exchange, has announced that it will temporarily suspend deposits and withdrawals for The Open Network (TON) on August 26. This maintenance activity is expected to last for about two hours, after which all services will be resumed. While this may cause inconvenience for users looking to transact with TON during this period, Binance has assured that the initiative will not impact token trading on the network. The company has also promised to handle all technical requirements for its users.
Earlier this month, Binance introduced trading pairs involving Toncoin (TON) – the native cryptocurrency of The Open Network. The pairs included TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. This move by Binance contributed to a price rally for TON, with the altcoin spiking by approximately 10% on a 24-hour scale and reaching $6.40. This surge in price is significant, considering that TON has been among the best market performers in recent months, witnessing a price rally of over 190% since the beginning of 2024.
Factors Driving TON’s Price Rally
The impressive rally of TON can be attributed to various factors. The CEO of the messaging application Telegram, Pavel Durov, announced in late February that the platform would start sharing 50% of the ad revenue generated on Telegram channels with channel owners, exclusively in Toncoin. This move created a positive momentum for TON, leading to a substantial price increase. Additionally, partnerships and collaborations, such as the one between the Ton Society and the AI company HumanCode, have further contributed to TON’s price rally.
Despite market corrections experienced by leading cryptocurrencies in the first half of June, TON continued its uptrend and tapped a new all-time high of around $8.18. While the price almost reached that peak in July, experiencing enhanced volatility along the way, it eventually settled at around $6.60. This stability in price, despite the fluctuations, is a positive indication of TON’s resilience in the market.
The temporary suspension of TON deposits and withdrawals by Binance for wallet maintenance on August 26 is a necessary measure to ensure the smooth functioning of services. While this may cause short-term disruptions for users, the overall impact on token trading will be minimal. The support shown by Binance through the introduction of TON trading pairs has bolstered TON’s price rally, making it one of the best market performers in recent months. As TON continues to showcase strong market performance and resilience, it remains a cryptocurrency to watch in the evolving landscape of digital assets.
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