Toncoin ($TON ) has experienced a remarkable surge in large-scale transactions, reflecting heightened whale activity even as the broader cryptocurrency market endures a $482 million sell-off. On-chain analytics reveal a significant increase in TON transactions exceeding $100,000, suggesting large investors are either accumulating or redistributing their holdings. This surge in whale movements contrasts sharply with the wider market downturn, where liquidations across various assets reached staggering levels over the past 24 hours.
The crypto sector’s bearish trend continued from earlier in the week, with major cryptocurrencies witnessing declines. Bitcoin fell 2.26% in the last 24 hours, marking its third consecutive drop. Similarly, other prominent tokens like Dogecoin and Cardano (ADA) recorded losses of 3.83% and 6.83%, respectively. According to CoinGlass data, the substantial liquidations reflect persistent selling pressure, which has broadly impacted digital asset performance.
Amid this turbulence, TON’s on-chain activity stood out, with its large transaction volume soaring to $8.21 billion (equivalent to 1.54 trillion TON tokens), marking a dramatic 94% increase over the last 24 hours. Metrics from IntoTheBlock indicate this surge is driven by intensified whale transactions, typically signaling strategic buying or selling. At the time of analysis, TON showed early signs of recovery, gaining 0.09% in the past 24 hours, despite remaining 7.49% lower over the past week.
The broader sell-off in the crypto market is closely tied to inflationary concerns following the Federal Reserve’s latest meeting minutes. Officials hinted at a slower pace of interest rate cuts this year, fueling investor apprehension about persistent inflation risks. With key job data released throughout the week and the nonfarm payroll report set to drop soon, the market remains on edge ahead of the Fed’s upcoming January meeting. This uncertainty continues to weigh heavily on investor sentiment.
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