According to IntoTheBlock data, Toncoin (TON) has triggered an astonishing 306% increase in large holder transaction volume, which denotes whale activity.
In the last 24 hours, TON has seen a 306.05% increase in large transaction volume reaching $9.7 million, or 1.3 million TON. The recent spike in large-scale transactions involving Toncoin, with individual trades exceeding $100,000, suggests that large holders might be readjusting their positions.
Large Transactions Volume often provides an idea of the total amount transacted by whales and institutional players on a given day. Increases in Large transaction volume might point to high activity among institutional players either buying or selling.
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In related news, major Japanese crypto exchange OKcoinJapan recently announced TON's listing, increasing its exposure on the Asian continent.
Toncoin trails XRP
In the last few months, TON's market cap has soared past other cryptocurrencies, setting its foot in the top 10 cryptocurrencies by market value.
Currently, Toncoin is trailing just behind XRP in terms of market capitalization, hinting at a possible reordering of the top digital currencies.
According to data from CoinMarketCap, XRP maintains a lead, but Toncoin's current growth trend suggests it could challenge XRP's position soon. As of the latest figures, Toncoin's market cap remains below that of XRP, which is robust.
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At the time of writing, Toncoin's market capitalization stood at $18.43 billion, making it the eighth largest cryptocurrency by market ranking. XRP ranks the seventh largest cryptocurrency by market cap, with a market capitalization of $26.02 billion.
At the time of writing, Toncoin was down 2.10% in the last 24 hours to $7.48, albeit higher by 9% weekly.