Sokipiriye Dokubo
A rise of 10% in price has been observed in Toncoin (TON) following its inclusion in Binance Launchpool and the continuous growth in its decentralized finance (DeFi) ecosystem. These recent updates have led to increased momentum for Toncoin, grabbing the attention of both crypto traders and investors.
Over the last 10 days, the price of Toncoin has shown a significant surge, reaching levels not witnessed in nearly a month. Reports from Cointelegraph Markets Pro and TradingView indicate that the value of Toncoin escalated from a low of $4.78 on August 5, increasing by more than 51% to touch an intraday peak of $7.26 on August 14. Currently, Toncoin is trading at $6.98, marking a 10% rise within just 24 hours.
With a market capitalization exceeding $17.67 billion, Toncoin has now secured its position as the 8th-largest cryptocurrency in the market. The rapid growth in its 24-hour trading volume, which has surged by over 90%, underscores the strong demand for the token.
Key Reasons Behind Toncoin’s Price Surge
1. Inclusion in Binance Launchpool
Toncoin’s recent price rally has been primarily fueled by its listing on Binance Launchpool. Binance, one of the leading cryptocurrency exchanges globally, declared the addition of Toncoin as the 56th project on its Launchpool platform. This listing enables users to stake Binance Coin (BNB) and First Digital USD (FDUSD) to earn Toncoin tokens, starting from August 15. The price of Toncoin had already seen a boost a week prior when Binance listed the token for spot trading on August 8, resulting in a 14% price surge in a single day.
2. Collaboration with Pyth Network
Another contributing factor to the strong performance of Toncoin is its recent partnership with Pyth Network, a decentralized data oracle service. This partnership integrates Pyth’s oracle services into The Open Network, enhancing the capabilities of decentralized applications (dApps) on the TON blockchain. This integration is anticipated to empower developers in accessing high-quality price data on-demand.
3. Expansion of TON Network
The ecosystem of Toncoin has witnessed substantial growth, particularly through its integration with Telegram’s casual gaming platform. This growth is evident in the rising number of unique daily active addresses (DAAs) and daily transactions on the network. Additionally, data from DefiLlama shows a massive surge of 3,290% in the total value locked (TVL) on the TON blockchain. Despite a slight decline from its peak, this demonstrates significant user engagement with the network, propelling demand for Toncoin.
Overall, the developments indicate a promising outlook for Toncoin, with the support of strategic partnerships, increased adoption, and expanding network activity.