Rumors that Binance has acquired Indonesian cryptocurrency exchange Tokocrypto have ended with an altcoin price rallying 100%.
The news that Binance will buy has increased the price of this altcoin 2x
Toko (TKO), the cryptocurrency of Indonesian crypto exchange Tokocrypto, gained 97% at one point during the day. Its price jumped from $0.285 to $0.583 within an hour. Behind the rally was Tech In Asia, who said Binance was considering buying Tokocrypto.
Toko (TKO) price is currently holding the rally around 60%. It lost more than 40% of its value in about 4 hours.
So far, the initial hype around TKO buyers has subsided. The correction is over at just over 40%. Compensating for all the negative movements of the last seven months, the price of the token is currently at May 2022 levels. According to CoinMarketCap, Toko Token has a market cap of $49.68 million. Meanwhile, the token’s trading volume has increased by 2.042% in the last 24 hours, reaching nearly $90 million. It was also interesting to note that the current price of the TKO is 4.7 times the price of the ICO, which took place at $0.1 per token two years ago.
Binance opens backdoor for legal walls
cryptocoin.com As we reported, Binance recently entered the Japanese market by purchasing Sakura Exchange BitCoin, which provides crypto money services registered in Japan. The leading exchange has not yet shared the cost of acquiring Sakura with its community. According to reports from Tech In Asia, Binance is now about to acquire Indonesian Tokocrypto. In this way, Binance buys already registered exchanges instead of being subject to the legal regulations of the countries.
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