On-chain data shows that Toncoin whales have been heavily buying up the coin over the past week. This increased accumulation could be a positive sign for TON.
Analyst Ali Martinez recently shared on X that Toncoin whales have been actively buying the coin. The key indicator here is Santiment’s “Supply Distribution,” which tracks how much TON is held by different groups of investors.
Toncoin Whales Surge in Net Buying, Indicating Potential Bullish Trend
Toncoin investors are categorized into groups based on the amount of TON they hold. For instance, the 1 to 10 coins group consists of addresses with at least 1 but no more than 10 tokens. In the current discussion, we focus on the whale cohort, which includes addresses holding between 10,000 and 100,000 TON. At today’s exchange rate, this range represents values from $76,000 to $760,000.
These whale addresses carry substantial amounts of TON, giving them significant market influence. Recent data shows that this group has been actively accumulating Toncoin. Specifically, they have purchased over 45 million TON in the past week, amounting to $342 million.
This notable buying spree comes after Toncoin consolidated following a new all-time high (ATH) set last month. The increased activity from these large holders suggests they expect further gains, indicating a potentially bullish trend for Toncoin.
However, this optimistic outlook could change quickly. It’s important to monitor the Supply Distribution of this whale cohort closely. A significant decrease in their holdings might signal a bearish turn if these investors start selling.
Toncoin (TON) Soars 220% in 2024, Becomes 8th Largest Cryptocurrency
The year 2024 has been highly favorable for Toncoin investors, with the asset experiencing a remarkable climb of over 220%. As of now, Toncoin is trading around $7.60. The chart below illustrates the asset’s impressive trajectory throughout the year.
In terms of market capitalization, Toncoin has risen to become the eighth-largest cryptocurrency globally, surpassing Dogecoin (DOGE). This significant growth highlights Toncoin’s expanding influence and prominence in the crypto market.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.