In a striking development, Toncoin (TON) whales have recently ramped up their activity. According to on-chain data, whale activity for Toncoin has surged by an impressive 376% as the market steers toward recovery following a bearish start to the week.
According to IntoTheBlock data, Toncoin (TON), a cryptocurrency associated with the popular Telegram platform, has witnessed a remarkable surge in the last 24 hours in large transaction volume, a metric denoting whale activity. This surge, quantified at an impressive 376%, comes at a time when Toncoin is facing a price decline.
TON/USD Daily Chart, Courtesy: TradingView
At the time of writing, TON was down 2.53% in the last 24 hours to $6.90, extending a two-day decline. Meanwhile, the large transaction volume for Toncoin has come in at 1.74 million TON in the last 24 hours, or $12.42 million worth, representing a 376% increase.
Toncoin set for rebound?
After an enormous rally that caused Toncoin to reach an all-time high of $8.24 on June 15, bulls might be taking a breather before the next major move. The MVRV indicator from Santiment suggests the likelihood of consolidation or range trading for Toncoin in the short term. The MVRV ratio compares the market value of a crypto-asset to its realized value, offering insights into average trader returns.
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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.
According to Santiment, Toncoin currently exhibits a 30-day MVRV of -0.6%, which is considered neutral. This neutrality in the MVRV ratio implies that Toncoin's market value is closely aligned with its realized value, indicating that the asset is neither overvalued nor undervalued at this juncture.
In such a scenario, the likelihood of a short-term bounce is ambiguous, leaving investors to look for other signals to inform their trading decisions.
