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Toncoin (TON) has experienced a remarkable 257% increase in large transaction volume, indicating significant whale activity. This surge comes at a time when the crypto market is facing a downturn, with $321 million in liquidations.
The large transaction volume, often associated with cryptocurrency whales — investors holding substantial amounts of crypto — suggests that these major players might be actively selling or buying Toncoin despite the market's overall negative trend.
According to IntoTheBlock data, Toncoin's large transaction volume has soared 257.65% in the last 24 hours to reach $7.58 million, or 962,270 TON in crypto terms.
The crypto market has been hit by a wave of selling pressure, leading to a significant sell-off across various digital assets. Toncoin was no exception, currently down 9.16% in the last 24 hours to trade at $7.10. The token is likewise down 7.68% in the last seven days.
What's happening?
Several potential factors could be driving the increased whale activity in Toncoin; whales might be strategically accumulating TON in anticipation of future price increases or developments within the Toncoin ecosystem.
Positive news or upcoming technological advancements related to Toncoin could be prompting increased interest and large transactions, with whales positioning themselves ahead.
Last month, Telegram CEO Pavel Durov introduced a TON-linked "Stars" currency, which would allow users to purchase digital products and services via Telegram micro apps inside 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 worth of $17.5 billion.