Toncoin (TON), the native cryptocurrency of the decentralized layer-1 blockchain The Open Network (TON), has witnessed a staggering 983.31% surge in large transaction volume. This key metric, often associated with whale activity, signifies increased engagement among institutional buyers and sellers.

Large transaction volumes, defined as transactions exceeding $100,000, are a critical indicator of whale activity. The recent surge suggests a significant rise in the number of large-scale transactions involving Toncoin, highlighting the growing interest from major market players despite the prevailing market uncertainty.

TON Experiences Significant Increase in Large Transaction Volume

According to IntoTheBlock data, TON’s large transaction volume reached $4.1 million, which translates to 559,590 TON in cryptocurrency terms.

Large Transactions Volume, Courtesy: IntoTheBlock

As of now, TON has increased by 1.86% in the last 24 hours, reaching $7.29. This price movement comes amid mixed market activity ahead of the upcoming June inflation data, which will be reflected in the producer price index tracking wholesale prices.

Cryptocurrency Market Reacts to Inflation Data and Interest Rate Speculations

Even as investors processed the recent inflation data and its implications for interest rates, the cryptocurrency market continued to experience volatile price movements.

The June consumer price index (CPI) unexpectedly fell by 0.1% from the previous month, reaching 3% on an annual basis, its lowest level in more than three years. Dow Jones economists had estimated the inflation metric to grow by 0.1% from May and 3.1% from the previous year. Additionally, the core CPI, which excludes food and energy prices, increased by 0.1% monthly and 3.3% year-on-year. These increases were also slightly lower than expected.

Investors have been looking for data indicating that inflation is returning to the Federal Reserve’s 2% target, as this could imply forthcoming interest rate reductions. Expectations for the Fed to soften monetary policy as soon as September increased following the release of the CPI data, with traders last pricing in a more than 90% likelihood of rate cuts occurring then.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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