Binance, the world’s leading cryptocurrency exchange, has announced that it will be performing wallet maintenance for The Open Network (TON) on August 26. This maintenance will lead to a temporary suspension of TON deposits and withdrawals. However, it is important to note that trading will not be affected during this period. The maintenance is expected to last for about two hours, following which all services will resume as normal. Binance has assured users that they will handle all technical requirements, ensuring a smooth transition once the maintenance is complete.
Earlier this month, Binance introduced new trading pairs involving Toncoin (TON), the native cryptocurrency of The Open Network. These pairs include TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. This announcement 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 top market performers in recent months, experiencing a price rally of over 190% since the beginning of the year.
The impressive rally of TON began in late February when Pavel Durov, the CEO of Telegram, announced plans to share 50% of ad revenue generated on the platform with channel owners in Toncoin. This news generated considerable excitement and interest in TON, leading to its significant price increase. In the following months, TON continued its uptrend and even surpassed Cardano (ADA) to become one of the top 10 biggest cryptocurrencies. A partnership with the AI company HumanCode further fueled TON’s rise, with the offer of one million TON tokens as an incentive for users to adopt HumanCode’s technology.
While many leading cryptocurrencies experienced a correction in the first half of June, TON managed to tap a new all-time high of around $8.18. The price has since experienced some volatility, with fluctuations in July before settling at around $6.60. This volatility underscores the unpredictable nature of the cryptocurrency market and the importance of staying informed and vigilant when investing in digital assets.
The upcoming wallet maintenance on Binance for TON may cause temporary disruptions to deposits and withdrawals, but trading will remain unaffected. The recent trading pairs introduced by Binance have contributed to a price rally for TON, highlighting the growing interest in this altcoin. Despite its impressive performance in recent months, the cryptocurrency market is known for its volatility, and investors should exercise caution and thorough research before making any decisions related to TON or any other digital asset.