- Binance announces the listing of the TON network’s native crypto Toncoin.
- We examine the TON metrics to assess growth to date.
The Open Network (TON) and its community members are in party mode as their native token Toncoin [TON] secures an important listing. It is the latest coin to receive approval for listing on Binance.
TON is one of the fastest growing networks to date this year and also happens to be one of the youngest. The blockchain has moved aggressively towards the mainstream, supported by robust adoption thanks to games like Hamster Kombat.
Binance confirmed previously on August 8 that it will list Toncoin.
The announcement marked a major milestone for the network. This was evident from the positive market reaction following the unveiling.
Toncoin rose 13% within the first three hours of the announcement. At the time of writing, the price was $6.32.
Source: TradingView
The wave of buying pressure over the past 24 hours allowed TON to extend its recovery by about 33% from its weekly bottom range. The cryptocurrency was just 5% away from recovering all the losses suffered during last week’s crash.
A better future for Toncoin?
With a listing on Binance, one of the largest crypto exchanges in the world could be a huge stepping stone for the TON blockchain. The listing will not only make Toncoin more accessible, but also potentially expose it to greater liquidity.
But how promising are Toncoin and the TON network? Perhaps a review of some of the key performance metrics can provide a rough idea.
For example, the network’s transaction volume quickly grew past the $1 billion mark. However, it took a while to reach the $10 billion mark.
Source: IntoTheBlock
So far, 2024 has proven to be the year in which the TON Network reached the big leagues, supported by robust transaction volumes. For perspective, daily transaction volume peaked at $4.88 billion in June 2024. A profit that is more than four times larger in less than twelve months.
TON’s impressive network volume was supported by robust user growth through 2024. The network had fewer than 100,000 active addresses in January this year.
However, TON experienced robust address growth between February and June. The total number of addresses peaked at 3.13 million in May.
Source: IntoTheBlock
TON averaged more than 1 million daily active addresses between May and July. But what about the impact on Toncoin? Ownership statistics from the past six months showed that most of Toncoin’s supply was owned by whales.
They have distributed to retailers who have maintained strong demand.
Source: IntoTheBlock
The whale population fell from 67.16% in February to 65.41% in August.
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Meanwhile, private investments grew from 6.46% in February to 9.23% in August. Investor ownership fell from 26.38% to 25.36% over the same period.
The growth of retail addresses and holding companies underlines TON’s rapidly growing user base. A result that could become even clearer over time now that the original cryptocurrency is listed on major exchanges.