Cryptocurrency exchange Binance 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. However, trading will not be affected by this maintenance. The maintenance is expected to last for approximately two hours, after which all services will be resumed. Binance has assured users that the initiative will not impact token trading on the TON network and has promised to handle all technical requirements for users.
Earlier this month, Binance introduced several trading pairs involving Toncoin (TON), the native cryptocurrency of The Open Network. The trading pairs include TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. This move by Binance contributed to a price rally for TON, with the altcoin’s price 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, experiencing a price rally of over 190% since January 1, 2024.
The rally for TON began in late February when Pavel Durov, the CEO of the messaging application Telegram, announced that the platform would start sharing 50% of the ad revenue generated on Telegram channels with channel owners, exclusively in Toncoin. This announcement created a positive momentum for TON, leading to a continuous uptrend in the following months. In April, TON became one of the top 10 biggest cryptocurrencies after surpassing Cardano (ADA).
The rally for TON continued to gain momentum as the Ton Society, a community-driven entity linked to The Open Network, partnered with the AI company HumanCode. This partnership included an incentive of one million TON tokens to encourage users to adopt HumanCode’s palm-scanning technology. Despite a correction in the cryptocurrency market in the first half of June, TON did not experience the same downturn and tapped a new all-time high of around $8.18. Although the price of TON experienced enhanced volatility in July, it has since settled around $6.60.
Binance’s decision to perform wallet maintenance for TON may have temporary implications for deposits and withdrawals, but trading will remain unaffected. The introduction of TON trading pairs earlier this month contributed to a price rally for the altcoin, which has been one of the top market performers in recent months. With partnerships and innovative announcements driving the price of TON, the future outlook for the cryptocurrency remains optimistic.