According to U.Today, Toncoin (TON) whales have significantly increased their activity recently. On-chain data reveals a 376% surge in whale activity for Toncoin as the market begins to recover from a bearish start to the week. Toncoin, a cryptocurrency associated with the Telegram platform, has seen a significant increase in large transaction volume, indicating increased whale activity, over the last 24 hours. This increase comes as Toncoin experiences a price decline, with TON down 2.53% in the last 24 hours to $6.90, continuing a two-day decline. The large transaction volume for Toncoin has reached 1.74 million TON in the last 24 hours, or $12.42 million worth, a 376% increase.
After a significant rally that saw Toncoin reach an all-time high of $8.24 on June 15, it appears that bulls may be pausing before the next major move. The MVRV indicator from Santiment suggests that Toncoin may experience consolidation or range trading in the short term. The MVRV ratio, which compares the market value of a crypto-asset to its realized value, provides insights into average trader returns. A lower 30-day MVRV suggests that the asset is undervalued and may be poised for a short-term price increase, while a higher ratio indicates overvaluation and the potential for a price correction. Currently, Toncoin has a 30-day MVRV of -0.6%, which is considered neutral. This neutrality in the MVRV ratio suggests that Toncoin's market value is closely aligned with its realized value, indicating that the asset is neither overvalued nor undervalued at this time. In such a situation, the likelihood of a short-term bounce is unclear, leaving investors to seek other signals to guide their trading decisions.