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Toncoin (TON) has reentered the spotlight amid a large-holder transaction boom. According to data from crypto analytics platform IntoTheBlock (ITB), TON whale transactions have jumped by more than 93% in 24 hours, with over $8 billion shifting hands.
Toncoin metrics blow up
According to the IntoTheBlock data, Toncoin witnessed 1,960 large transactions in 24 hours. This spike underscores the protocol's relevance amid the growing emergence of Tap-2-Earn (T2E) gaming applications.
By volume, these whales have spent $8.02 billion to acquire a total of 1.58 billion TON. These figures are unsurprising as the protocol has continued attracting large transactions over the past quarter. Over the past week, the large transaction volume has moved from a low of 796.04 million TON to the current high it boasts of.
The Toncoin ecosystem has also seen a significant boost in its overall liquidity, which has backed the growing adoption of whales.
According to data from DeFiLlama, the market cap of stablecoins on The Open Network has surpassed the $760 million benchmark. This growing liquidity is necessary for TON to maintain its pace in the competitive layer-1 scaling solution ecosystem.
With this stablecoin volume, Toncoin now ranks as one of the most liquid networks powering retail adoption.
Catalysts behind Toncoin's growth
Based on its association with Telegram, TON is a very attractive digital currency. However, the growth of the Tap-2-Earn game revolution has distinguished it from earlier L1 outfits.
With the likes of Notcoin (NOT) and DOGS, the attraction and demand for TON have grown remarkably. As a gas fee and the TON ecosystem's utility asset, the digital currency has continued to play a unique role in turbocharging the Toncoin market.
This Toncoin ecosystem includes large token buyers, whose actions and influence will continue to shape the coin. As of the time of writing, the TON price has dropped by 2.7% in 24 hours to $5.045. This bearish outlook implies that the whale influence has yet to play out.