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Toncoin (TON) Surges 257% on Whale Activity as Bears Hit Crypto Market
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Toncoin (TON) saw a remarkable 257% increase in large trading volume, indicating significant whale activity. The increase comes at a time when the cryptocurrency market is facing a slowdown, with $321 million in liquidations.
The high trading volume, often associated with cryptocurrency whales – investors holding significant amounts of cryptocurrency – suggests that these major players may be actively selling or buying Toncoin despite the overall negative market trend.
High transaction volume, courtesy of IntoTheBlock
According to In the block According to the data, Toncoin’s large trading volume surged 257.65% in the past 24 hours to $7.58 million, or 962,270 TON in cryptocurrency terms.
The cryptocurrency market has been hit by a wave of selling pressure, leading to a massive sell-off in various digital assets. Toncoin was no exception, down 9.16% in the last 24 hours to trade at $7.10. The token is also down 7.68% in the last seven days.
What is happening?
Several potential factors could be behind the increased whale activity Yourcoin; whales may strategically accumulate TON in anticipation of future price increases or developments within the Toncoin ecosystem.
Positive news or upcoming technological advancements related to Toncoin could spark increased interest and large transactions, with whales positioning themselves ahead.
Last month, Telegram CEO Pavel Durov introduced a TON-pegged “Stars” currency that would allow users to purchase digital goods and services through Telegram microapps in a crypto-backed economy.
Telegram mini-app developers can now sell digital goods and services in exchange for stars, which can be converted into Toncoin.
The TON token is currently the eighth most valuable cryptocurrency on the market with a value of $17.5 billion.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.