Toncoin price is in rebound mode after bagging a listing on the Bithumb exchange.
Bithumb, one of South Korea’s prominent crypto exchanges, has strategically moved to bolster its market position. Earlier today, the trading platform announced the listing of two top altcoins, Toncoin TON $3.52 24h volatility: 7.3% Market cap: $8.70 B Vol. 24h: $246.24 M and MetisDAO METIS $14.93 24h volatility: 0.4% Market cap: $94.17 M Vol. 24h: $12.36 M .
The two tokens went live today, setting the tokens up for adoption in the region. This listing could significantly impact both tokens, specifically triggering a price rebound for Toncoin (TON). The announcement has excited the crypto community, as it is expected to bring fresh momentum to the South Korean market. Per immediate reactions to the TON listing, market participants are eager to take advantage of the new access.
Operational Details for the New Listings
These newly listed tokens on Bithumb’s platform will be paired with the Korean Won (KRW), South Korea’s fiat currency. Toncoin (TON) and MetisDAO (METIS) will trade under the TON/KRW and METIS/KRW pairs.
South Korean traders can buy and sell these altcoins directly using local payment options. To complete the trade, traders will not need to convert KRW into cryptocurrencies like Bitcoin or Ethereum.
Toncoin deposits and withdrawals will be processed strictly through the TON network. The reference price for Toncoin has been set at 7,395 KRW, which will serve as a benchmark for traders to gauge its market value.
MetisDAO (METIS) will debut on Bithumb’s KRW market but will operate through the Ethereum network. Like TON, it will restrict deposit channels, as only Ethereum deposits are accepted. The reference price for MetisDAO has been pegged at 87.04 KRW, providing traders with a clear starting point for its valuation.
As the trading platform noted, Toncoin and MetisDAO went live for trading within three hours of the announcement. However, deposits for both tokens require confirmation before they can be processed; 1 confirmation is necessary for Toncoin, and 33 confirmations are needed for MetisDAO.
This structured approach ensures that users can begin trading immediately while adhering to security standards. With these new listings, Bithumb aims to provide a seamless trading experience and increase the liquidity of both Toncoin and MetisDAO in the South Korean market.
Potential Impact on Toncoin (TON)
The listing of Toncoin on a major exchange like Bithumb could play a pivotal role in boosting its price. As more users access TON through the KRW market, its liquidity will likely increase, contributing to more active trading and price stability.
As of writing, the price of TON printed a 1.88% rally to $5.483 after dropping to a 24-hour low of $5.208.
Although the price of Toncoin has fluctuated recently, the Bithumb listing could trigger a positive reversal. Specifically, retail adoption of TON may grow with the Bithumb listing, complementing whale adoption as seen over time.
South Korean investors, known for their interest in innovative blockchain projects, may drive The Open Network ecosystem boost starting with TON. Increased exposure to these investors could increase demand for Toncoin and other related Telegram-based tokens.
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