Toncoin, the native cryptocurrency of decentralized layer-1 blockchain The Open Network (TON) has seen a staggering 983.31% surge in large transaction volume, a key metric that denotes whale activity.

Increases in large transaction volumes indicate increased activity among institutional buyers and sellers. "Large transactions" exceed $100,000.

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According to IntoTheBlock data, TON's large transaction volume was $4.1 million, which is equivalent to 559, 590 TON in cryptocurrency terms.

At the time of writing, TON had risen 1.86% in the previous 24 hours to $7.29, as the market displayed mixed price activity ahead of fresh inflation data for June in the form of the producer price index, which tracks wholesale prices.

Market uncertainty persists

Even as investors processed the recent inflation data and what they might signify for interest rates, the cryptocurrency market continued to experience whipsaw price movement.

That happened as the June consumer price index unexpectedly fell 0.1% from the previous month, reaching 3% on an annual basis, its lowest level in more than three years.

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Dow Jones economists estimate the inflation metric to grow 0.1% from May and 3.1% from the previous year. Core CPI, which excludes food and energy prices, increased 0.1% monthly and 3.3% year on year. These increases were likewise slightly lower than expected.

Investors have been looking for data indicating that inflation is returning to the Federal Reserve's 2% target, as this could imply interest rate reductions are on the way.

Expectations for the Fed to soften monetary policy as soon as September increased following the release of the CPI data, with traders last pricing in a more than 90% likelihood of rates being cut then.