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Toncoin (TON) has witnessed increased activity in the past 24 hours, with a total of 1.55 billion coin whale transactions recorded among market participants. The value of these transactions equals about $8.86 billion.
Whale activity fuels Toncoin transaction volume
According to IntoTheBlock data, these transactions are worth over $100,000. These come in at a count of 1,740 in the last 24 hours. This spike in transaction volume comes amid ongoing bullish sentiment for TON. Investors have reignited interest in the asset as the price maintains an appreciable gain on the market.
As of this writing, TON is exchanging hands at $5.69, a 0.51% increase in the last 24 hours. Trading volume has also increased by 4.94% to $149.38 million. In the past seven days, Toncoin had climbed from a low of $5.4025 to a high of $5.809 before settling at its current level.
Analysts suggest that the current price dynamics have been greatly influenced by these whales carrying out large transactions. Notably, potential investors get a confidence boost from increased activity and are drawn to bet on the asset.
With TON currently trading approximately 32% away from its all-time high (ATH) of $8.24, set about seven months ago, this has triggered optimism. If TON whales sustain the current transaction volume, TON could retest a new price level by riding on the bullish sentiment.
Bitcoin’s influence on Toncoin’s prospects
The projections for a TON price rally are further supported by an ongoing increase in the price of Bitcoin (BTC), which has once again flipped the $100,000 level. With BTC at over $101,035, most altcoins may witness a corresponding upsurge.
With the recent activities, investors might anticipate that TON could regain its position on the top 10 list of coins in the industry. How fast it achieves this might depend on TON whales, who have continued to support the blockchain.