Articlecoin.com - Toncoin (TON), one of the rising Layer-1 cryptocurrencies, has attracted massive investor attention, especially by a group often referred to as “Whale.” In the last seven days, these whales have purchased more than 45 million TON worth $342 million.
Toncoin has shown great performance so far this year. With an increase of over 220%, TON is currently trading at around $7.6 per coin. This increase has led it to the position of the eighth largest cryptocurrency by market capitalization, even ahead of Dogecoin (DOGE).
On-chain analysis from Santiment, a supply distribution monitoring platform, highlights whale buying activity. While the current bullish sentiment is supporting Toncoin, it is important to remember that the crypto market can change quickly. A significant drop in the supply distribution of this large group of investors could potentially change.
Toncoin, formerly known as Gram, is the native cryptocurrency of The Open Network (TON). Originally developed by the encrypted messaging platform Telegram, the project was later taken over by the TON Foundation and renamed “The Open Network.” Since 2020, the TON blockchain has continued to grow thanks to the support of an independent community that calls itself the TON Foundation.
One of the factors that makes Toncoin interesting is its potential for adoption by Telegram users. Currently, Telegram has over 550 million active users. If Toncoin can tap into this Telegram user base, the growth potential will be huge.
Massive investment from whales has given a positive signal for Toncoin. However, we must remain vigilant because the crypto market is always volatile. For investors, Toncoin offers a great opportunity, especially if adoption via Telegram continues to grow.
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