The 21Shares Toncoin Staking ETP (TONN) has hit a milestone, crossing the $100M AUM mark. This Exchange Traded Product tracks TON’s performance while reinvesting staking yields, offering enhanced returns. Launched just months ago, it’s quickly become Europe’s largest ETP tracking The Open Network (TON).
TONN provides a regulated and secure way for investors to tap into the growth of The Open Network, which powers digital applications like Telegram. As of Q1 2024, Telegram supported over 900 million users, highlighting the potential reach of the TON ecosystem.
This news broke on Friday afternoon, with the TON price remaining relatively stable over the weekend. However, Toncoin kicked off this week with a strong 7% pump, placing it among the top crypto gainers today when looking at the top 20 coins by market cap. At press time, the TON price is trading just shy of $7.
Recent Developments Boosting TON’s Appeal
Several recent developments have contributed to TON’s positive momentum:
- Toncoin was listed on Binance Launchpool on August 16th, 2024. This move allows users to stake BNB and FDUSD to earn TON tokens, potentially expanding the token’s user base.
- The launch of gasless transactions in the new W5 Smart Wallet has made Toncoin more accessible for users, potentially driving adoption.
- Toncoin now offers farming options through Binance Launchpool and Super Earn, providing new earning opportunities for users interested in the TON ecosystem.
Overall, the recent developments surrounding Toncoin paint a positive picture, which could have both immediate and long-term effects on the TON price. The next logical target for TON might be $10, representing approximately 40% gains from current levels. However, such a pump may depend on Bitcoin breaking the $70k barrier.
Read also: Major Ripple News – Here’s Why XRP Price Could ‘Realistically” Hit $50
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