Toncoin Jumps 10.6% After Binance Adds TON to Launchpool

Toncoin Rallies 10.6% Amid Binance Launchpool Integration

Toncoin (TON), the native currency of The Open Network, has seen a 10.6% increase in the past 24 hours, trading at $7.05 following Binance’s announcement to include the token in its Binance Launchpool platform. Starting from August 15, 2024, users can stake BNB and FDUSD to earn TON tokens, boosting the token’s market activity.

TON Price Movement and Market Performance

Toncoin reached a peak of $7.22 before slightly retracing to its current price. According to CoinGecko, the token has surged by 24.4% over the past week, reflecting strong investor interest. This follows a significant 8% jump after Binance listed TON for spot trading on August 8, marking the token’s transition from being exclusively available for futures trading on the platform. Originally developed by Telegram, the TON project has been managed by an unaffiliated entity since 2020, and the token is predominantly used within gaming apps built on the popular encrypted messaging platform.

The Open Network Expands Gaming Features

Recent developments within The Open Network’s ecosystem have further bolstered Toncoin’s value. TapSwap, a leading game on the network, recently introduced a new city builder mode called “Tappy Town.” This mode enhances the game’s existing play-to-earn capabilities, allowing players to earn TON tokens by upgrading buildings. TapSwap, which runs the second-largest Telegram channel, has also added features enabling users to exchange TON with the USDT stablecoin, broadening its appeal and utility within the ecosystem.

Other Telegram-based games, such as Hamster Kombat, have also announced plans to launch tokens on The Open Network. Hamster Kombat, currently the most popular Telegram-based game, initially planned to launch its token in July but has yet to confirm an official release date.

Toncoin’s Recovery from Market Volatility

Toncoin’s recent gains come after a volatile period, including a sharp decline during the early August crypto market crash, which brought intense trading fluctuations reminiscent of the post-FTX collapse. However, TON has shown resilience, recovering nearly 55% since hitting a six-month low of $4.1 on August 5.

As Toncoin continues to attract attention from both investors and developers, its integration into Binance’s ecosystem and the ongoing expansion of The Open Network’s gaming features suggest a positive outlook for the token’s future performance.