Binance, the world’s leading cryptocurrency exchange, recently announced that it would be temporarily suspending deposits and withdrawals for The Open Network (TON) on August 26. This maintenance activity is expected to last around two hours, during which users will not be able to deposit or withdraw TON tokens. However, trading activities on the platform will remain unaffected. This move comes after Binance introduced new trading pairs involving TON earlier this month.
Impact on TON
The temporary suspension of deposits and withdrawals may have a short-term impact on TON’s price and trading volume. However, Binance has assured users that the maintenance activity will not affect token trading on the network. This means that users can still buy, sell, and trade TON tokens during the maintenance period.
Earlier this month, Binance showed its support for TON by listing new trading pairs such as TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. This move contributed to a price rally for TON, with the altcoin spiking by approximately 10% on a 24-hour scale and reaching $6.40. TON has been one of the best market performers in recent months, with a price rally of over 190% since the beginning of the year.
Factors Driving TON’s Price Rally
TON’s impressive rally began in late February when Pavel Durov, the CEO of Telegram, announced plans to share ad revenue generated on Telegram channels with channel owners in Toncoin. This news boosted investor confidence in TON and led to a surge in its price. Additionally, partnerships with companies like HumanCode have further strengthened TON’s position in the market.
Despite facing corrections along with other leading cryptocurrencies in June, TON managed to tap a new all-time high of around $8.18 in July. However, the price has since experienced increased volatility and currently hovers around $6.60. This fluctuation indicates that TON’s price may continue to be influenced by market dynamics and external factors in the coming months.
Binance’s temporary suspension of TON deposits and withdrawals is a necessary maintenance activity that will not impact token trading on the platform. The exchange’s support for TON through new trading pairs has contributed to a price rally for the altcoin, which has been among the best market performers in recent months. Factors such as partnerships and market dynamics will continue to influence TON’s price and trading volume in the future.
