Binance Will List Toncoin (TON) With Seed Tag Applied

Binance will list Toncoin (TON) and open spot trading for the TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY pairs at 10:00 UTC today

Binance announced the listing of Toncoin (TON) on its platform today, with spot trading set to commence for TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY pairs at 10:00 UTC.

Deposits for TON are now open, while withdrawals will become available at the same estimated time tomorrow.

Binance will also be applying a seed tag to TON. This serves as a warning to traders, indicating that the project is innovative but also carries higher volatility and risks compared to other listed tokens.

Users can prepare for the listing by depositing TON into their Binance accounts. Additionally, those utilizing Spot Copy Trading can enable the new pairs by adjusting their preferences in the Personal Pair Preference section of the Spot Copy Trading settings.

Binance to List TON with Seed Tag

Announcing the listing, Binance stated that TON will be listed with a seed tag on the exchange. This move is intended to highlight the higher risks associated with the newly listed asset.

According to the announcement, the seed tag is used by Binance to identify and mark new, innovative assets that exhibit heightened volatility and risks. These assets typically have a shorter trading history and may experience more drastic price fluctuations compared to other listed tokens.

Before engaging in trades involving seed-tagged tokens, Binance mandates its users to complete periodic quizzes on both Binance Spot and Binance Margin platforms every 90 days. These quizzes aim to ensure that traders are fully aware of the risks involved before participating in TON trades.

The exchange also noted that the frequency of updates on TON’s price, trading volume, and market statistics on Binance will vary. However, complete and up-to-date information on the token will be made available on Binance’s official website, cryptocurrency tracking platforms, and CoinMarketCap.

The Risks of Trading TON

Binance emphasizes the importance of exercising caution when trading TON due to its status as a newly listed asset. The exchange highlights the higher-than-average risk associated with the token, which is likely to exhibit high price volatility.

Before engaging in TON trades, traders are advised to perform thorough research and implement adequate risk management strategies.

To be permitted to trade tokens marked with seed tags, such as TON, on Binance Spot and Binance Margin platforms, users must pass quizzes on these trading platforms every 90 days.

The quizzes are designed to ensure that users are aware of the risks involved before engaging in TON trades.

Toncoin Price Prediction

Following the news of the listing, TON led market gainers with a price increase of 9%. This makes TON the second-biggest gainer after XRP on August 8.

The token experienced a price decline of around 10% over the past week, driven by overall bearish crypto market momentum. On August 2, TON’s price remained under pressure as a sense of fear spread in the market.

At the end of July, Bankless Times reported that Toncoin’s price was at risk after forming a rising wedge pattern on the daily chart.

At press time, TON technical indicators suggest the asset is a sell. This could mean the price may start dipping after the listing. Currently, TON trades at $6.15, and the next Fibonacci support level to watch, confusingly, is 6.42. The Fibonacci pivot point is 7.078, which may act as a resistance level.

If TON’s price does move toward $7.078, the level could indicate resistance where the price may struggle to move higher. If the price does manage to break through this level, it could indicate further upward momentum.

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