- Toncoin trading volume surged 60% to $280M as Robinhood confirmed its listing.
- Verb Technology acquired $713M in TON, surpassing its 5% supply target.
- TON price held steady at $3.17 with resistance forming near the $3.25 level.
Robinhood just listed Toncoin (TON), but that might not even be the biggest story for the asset today. The real news is the massive, $713 million institutional whale that just surfaced. As the popular trading app, added TON, public company Verb Technology (VERB) revealed it had purchased $713 million worth of the token, signaling a wave of institutional conviction that is likely driving this new push for mainstream listings.
The TON listing is just the latest in a string of new assets Robinhood has added under the current U.S. administration’s more permissive stance. The platform recently expanded its menu to include Sui (SUI), Floki (FLOKI), Ondo (ONDO), Bonk (BONK), Pudgy Penguins (PENGU), Peanut the Squirrel (PNUT), and Stellar (XLM).
The announcement sent Robinhood’s own stock (HOOD) up 1.4% in pre-market trading. Despite the pop, sentiment toward the stock on platforms like Stocktwits remained bearish, even as talk about the new TON listing ran high.
How Did Toncoin’s Market React to the Listing?
Toncoin’s price held steady at $3.17 by midday after a volatile session. The token registered a slight 0.05% daily gain while its trading activity exploded. Daily trading volume jumped to $280.25 million, a nearly 60% increase from the prior session. The rising volume and expanding exchange access help Toncoin consolidate above the key $3.00 mark.
Price movements stayed between $3.10 and $3.25, with a temporary push above $3.22 before consolidating near $3.17. The market capitalization reached $8.16 billion, supported by a strong volume-to-market cap ratio of 3.42%, signaling higher activity relative to size.
Toncoin’s community metrics show 153,440 active holders with a total supply of 5.13 billion tokens. The project has no capped maximum supply, which keeps its long-term inflationary dynamics in focus for investors.
Are Big Institutions Accumulating Toncoin?
Yes, massive institutional demand is building for Toncoin. As stated above, Verb Technology Company (VERB) announced to rebrand itself as Ton Strategy Company after they revealed $713 million worth of TON token purchase. The firm also stated it has surpassed its original goal of acquiring 5% of Toncoin’s circulating supply.
Toncoin originated in 2018 under Telegram co-founder Nikolai Durov as the Telegram Open Network. The project was later relaunched in 2020 under the TON Foundation as The Open Network after facing challenges from the SEC.
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Source: https://coinedition.com/robinhood-lists-toncoin-ton-713m-institutional-bet/
