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Here's Why TKO Pumps 97% and What Binance Has to Do with It

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Tue, 6/12/2022 - 15:45
Here's Why TKO Pumps 97% and What Binance Has to Do with It
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Toko (TKO), the token of Indonesian crypto exchange Tokocrypto, rose 97% within an hour, rising from $0.285 to $0.583 at its peak. The reason for such strong price action was news from Tech In Asia, according to which Binance is considering buying Tokocrypto.

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It is important to say that there has been no official comment from either the Indonesian exchange itself or Binance yet.

The black-and-yellow crypto giant is reportedly attracted to the Indonesian exchange because it is licensed by the local regulator. For example, just a week ago, Binance acquired Japanese crypto exchange Sakura for similar reasons. In addition, Binance has had an investment in Tokocrypto (TKO) since 2020.

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What's Toko Token (TKO), and how does its price act?

By now, the initial hype around TKO quotations has subsided, and they have corrected by just over 40%. The token's price is now at May 2022 levels, having recouped all the negative action of the last seven months.

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Source: TradingView

Toko Token has a market capitalization of $49.68 million, according to CoinMarketCap. The token's trading volume, meanwhile, has risen 2,042% in the last 24 hours to almost $90 million. Also of interest is the fact that the current price of TKO is 4.7 times the price of its ICO, which took place two years ago at $0.1 per token.

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