Binance, the world’s leading cryptocurrency exchange, has announced that it will be performing wallet maintenance for The Open Network (TON) on August 26. During this maintenance period, TON deposits and withdrawals will be temporarily suspended for approximately two hours. However, it is important to note that trading of the TON token will not be affected by this maintenance. Once the maintenance is completed, all services will be resumed as usual.
Earlier this month, Binance demonstrated its support for Toncoin (TON) by introducing trading pairs such as TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY on its platform. This move by Binance contributed to a price rally for the altcoin, with its value spiking by approximately 10% on a 24-hour scale and reaching $6.40. Toncoin has been one of the best market performers in recent months, experiencing a price rally of over 190% since the beginning of 2024.
The impressive rally of TON can be attributed to various factors, including the announcement by Pavel Durov, the CEO of the messaging application Telegram, regarding revenue sharing with channel owners. Durov stated that 50% of the ad revenue generated on Telegram channels would be shared exclusively in Toncoin, creating a unique incentive for content creators. This announcement sparked interest in the cryptocurrency, leading to its widespread adoption by users.
Partnerships and Alliances
In addition to the revenue-sharing model introduced by Telegram, partnerships with companies like HumanCode have also contributed to the growth of TON. The collaboration with HumanCode, which offered an incentive of one million TON tokens to promote the adoption of its palm-scanning technology, helped boost the visibility and usage of the cryptocurrency. This strategic partnership further solidified TON’s position in the market and attracted more users to the platform.
Market Performance and Volatility
Despite the overall positive performance of TON in recent months, the cryptocurrency market as a whole experienced a correction in the first half of June. However, TON managed to maintain its upward trajectory and reached a new all-time high of around $8.18. The price of TON remained stable at this level for some time before experiencing increased volatility and eventually settling at its current price of around $6.60.
The temporary suspension of TON deposits and withdrawals on Binance may have a short-term impact on users, but it is unlikely to affect token trading significantly. The continued support from Binance and strategic partnerships with companies like HumanCode will play a key role in shaping the future growth and adoption of Toncoin in the cryptocurrency market.