Data Shows That Toncoin (TON) Whales Just Spent $342 Million Buying Toncoin (TON)


According to on-chain statistics, Toncoin whales have been heavily buying TON over the last week, which might be a positive indication for the cryptocurrency.


Net purchases of Toncoin have been occurring lately. Here, the "Supply Distribution" on the Santiment blockchain shows us how much TON different holder groups currently possess, making it an important on-chain indicator.


Each investor's address is assigned a certain group according on their current coin balance. For instance, all addresses that own between one and ten tokens of the cryptocurrency are part of the "1 to 10 coins" cohort.


The whales are the investors that are important to this conversation. This group consists of addresses that have 10,000 to 100,000 TON. The range starts at $76,000 and goes all the way up to $760,000 at the current exchange rate.


These holders have a fair amount of sway in the market due to the size of their holdings. Therefore, it may be worthwhile to track the whereabouts of this group.


Oceans of Toncoins


This group's Toncoin investors have been involved in net accumulation as shown in the graph up top. To be more precise, these whales have spent an astounding $342 million (or 45 million TON) on TONs in the last week.


Following last month's new all-time high (ATH), the cryptocurrency has been consolidating, which coincides with this purchasing by the whales. It is possible that these huge holders are stocking up because they believe the asset will continue to rise in value.


This bullish attitude among the whales might be a good thing for Toncoin, of course. The Supply Distribution of this cohort is something to keep an eye on in the following days since this may change fast, however.


The result might become negative for the cryptocurrency if the indicator shows a large decline; this would indicate that these investors have chosen to sell.

#Toncoin #TON @Ton Network