Toncoin (TON) continues to freefall despite the market’s attempted rebound. According to CoinGecko, TON fell by 17%, driven by the overwhelming bearish sentiment that plagues the market. The movement came despite on-chain developments hinting at a bigger investor outreach in the long term.
Positive on-chain events will tend to exert a favorable effect on the performance of the token. However, the general gloomy sentiment overtakes them. In the near run, traders and investors may have to prepare for more suffering.
Binance Adds Toncoin On Earn Program, New Ventures Drive Investor Interest
The official Toncoin X account revealed that TON has been added to Binance’s Simple Earn Program, a simple but flexible way for users of the platform to stake their crypto for passive income. As of press time, TON’s addition to the program yields a 5.9% annual percentage rate (APR) as a promo to users who stake their token on Tuesday, September 3, up until September 23.
This simple addition to Binance’s staking platform is great news for the TON, as this will drive investor interest in the token. Adding to the bullishness is the newly launched TON: Acc Incubator and TON: Acc Portal are supported by Toncoin’s TON Ventures.
The program will support five start-ups building on the platform, offering the selected ones 3 months of growth, funds, and expertise. According to an official announcement blog post, this first cohort of startups will be invested in up to $2.5 million to “accelerate their growth.”
“Projects building on TON have an audience of 950 million ready and waiting to engage with their product. TON:Acc will help projects find a clear route to market, providing them with the funding, expertise, and support they need to become the next billion-dollar project on TON,” stated by Sophia Rusconi, Head of Ton Accelerator, in the blog.
The program aims to use Telegram, a secure messaging service, as a distribution platform as the platform saw user interest on tap-to-earn applications on Telegram.
“We are deeply convinced that this is simply the first phase of the TON ecosystem’s growth, and we are incredibly excited to shepherd the next evolution of TON-based mini-apps that will bring real-world utility into Telegram’s Web3 ecosystem,” said Ian W, Managing Partner of Ton Ventures.
Downturn Rejected On Crucial Support Level
As of writing, TON’s downward trajectory has been rejected by the $4.5 support level, giving TON bulls some wiggle room to reverse some of the token’s downward momentum. However, its increasing correlation with BTC might be a double-edged sword for the token.
The token’s relative strength index (RSI) reveals that TON is completely overwhelmed by the bears. If this bearish sentiment continues, on-chain developments will not reverse the token’s fast descent. Investors and traders should continue to monitor the broader market’s movement before making a major decision.
Featured image from Pexels, chart from TradingView