The price of Toncoin ($TON ), the cryptocurrency linked to the popular messaging app Telegram, has been trading on an ascending trend line over the past few weeks. This indicates a steady rise in the demand for the altcoin.

TON whales are increasing their trading activity, seeking to capitalize on the potential for further gains.

Over the past month, on-chain data has revealed an uptick in the daily count of large transactions involving TON. IntoTheBlock’s data shows that the number of TON transactions worth between $1 million and $10 million has risen by 46% during that period.

Likewise, larger TON transactions valued above $10 million have increased by 50%. A rise in an asset’s large transaction count is a bullish signal. It can extend an asset’s price rally once retail investors follow suit and begin to accumulate as well.

Additionally, TON’s large holders’ netflow has surged by 431% in the past week, confirming increased buying pressure from whales.

Large holders, typically investors controlling more than 0.1% of an asset’s circulating supply, are key influencers in price movements. Their netflow measures the difference between the amount of TON they accumulate and the amount they sell over a given period.

When an asset’s large holder netflow spikes, it indicates that whale addresses are accumulating more tokens. This is generally a bullish signal, suggesting growing demand from significant investors, which can drive further price growth.

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