Toncoin takes off: Binance listing boosts TON by 13%
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- Binance announces the listing of TON network’s native crypto Toncoin.
- We explore TON metrics to assess its growth so far.
The Open Network (TON) and its community members are in celebratory mode as their native token Toncoin [TON] secures major listing. It is the latest coin to secure clearance for listing on Binance.
TON is one of the fastest growing networks so far this year and it also happens to be one of the youngest. The blockchain has been aggressively pushing towards the mainstream, backed by robust adoption thanks to games such as Hamster Kombat.
Binance confirmed earlier on 8th August that it will list Toncoin.
The announcement marked an important milestone for the network. This was evident by the positive market reaction following the revelation.
Toncoin pulled off a 13% uptick within the first three hours after the announcement. It traded at $6.32 at press time.
The wave of buying pressure in the last 24 hours allowed TON to extend its recovery by about 33% from its weekly bottom range. The cryptocurrency was just 5% away from reclaiming all the losses incurred during last week’s crash.
Brighter future for Toncoin?
Being listed on Binance, one of the biggest crypto exchanges in the world could be a huge leg-up for the TON blockchain. The listing will not only make Toncoin more accessible, but also potentially expose it to more liquidity.
But just how promising is Toncoin and the TON network? Perhaps an assessment of some of its key performance metrics may provide a rough idea.
For instance, the network’s transaction volume quickly built up above the $1 billion mark. However, pushing to the $10 billion mark took a while.
2024 has so far turned out to be the year that the TON network hit the big leagues, backed by robust transaction volumes. For perspective, daily transaction volume peaked at $4.88 billion in June 2024. More than a 4X gain in less than 12 months.
TON’s impressive network volume was backed by robust user growth in 2024. The network had less than 100,000 active addresses in January this year.
However, TON experienced robust address growth between February and June. Total addresses peaked at 3.13 million in May.
TON averaged over 1 million daily active addresses between May and July. But what about the impact on Toncoin? Ownership stats in the last six months revealed that most of Toncoin’s supply was held by whales.
They have been distributing to retail traders that maintained strong demand.
Whale holdings dropped from as high as 67.16% in February to 65.41% in August.
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Meanwhile, retail holdings grew from 6.46% in February to 9.23% in August. Investor holdings dropped from 26.38% to 25.36% during the same period.
The growth of retail addresses and holdings underscores TON’s rapidly growing user base. An outcome that could be more pronounced over time now that its native cryptocurrency is being listed on major exchanges.