Toncoin Sees Surge 257% in Whale Activity Amid Crypto Market Downturn
According to U Today. Toncoin has recently witnessed a dramatic increase in large transaction volumes, rising by a staggering 257%, signaling significant activity from cryptocurrency whales. These large players, who hold substantial quantities of TON, appear to be moving large sums despite a broader market downturn. As the cryptocurrency market experiences a major sell-off, with liquidations amounting to $321 million, Toncoin's surge in activity stands out.
Data from IntoTheBlock reveals that the volume of Toncoin's large transactions soared by 257.65% over the past 24 hours, totaling $7.58 million, equivalent to 962,270 TON. This spike suggests that major investors are either offloading or accumulating Toncoin, potentially preparing for future market movements or developments within the Toncoin ecosystem. Despite this heightened activity, Toncoin's price has dropped 9.16% over the last day, trading at $7.10, and is down 7.68% over the past week.
The reason behind this surge in whale activity could be linked to various strategic moves by these large holders. Whales might be accumulating TON in anticipation of future price appreciation or upcoming positive developments in the Toncoin network. Notably, recent announcements from Telegram have piqued interest in Toncoin.
Last month, Telegram's CEO Pavel Durov introduced a new TON-linked currency, "Stars," designed to facilitate purchases within the Telegram ecosystem. This development could be driving renewed interest and positioning among investors. As a result, Toncoin has maintained its position as the eighth most valuable cryptocurrency, with a market cap of $17.5 billion.
