Recent on-chain data reveals a significant increase in the activity of Toncoin (TON) whales, as their transaction volume reaches new heights. This surge is indicative of a strong interest in the cryptocurrency from large holders.
Toncoin Large Transactions Volume Has Crossed $34 Billion
According to the market intelligence platform IntoTheBlock, the Large Transactions Volume on the Toncoin network has recently set new record levels.
The term “Large Transactions Volume” refers to a metric that tracks the total amount of assets being transferred on the TON network, specifically transactions valued at over $100,000. Typically, only whales are capable of executing such substantial transactions, making this volume a reflection of large traders’ activity.
High values for this metric indicate robust participation from whales in transaction activity. Conversely, lower values suggest that this segment may lack interest in the asset, with fewer transactions occurring among these large holders.
Below is a chart illustrating the trend in Toncoin’s Large Transactions Volume over the last few years:
The chart clearly shows a steady increase in Toncoin’s Large Transactions Volume, which recently climbed to a new all-time high of 9.03 billion TON, valued at approximately $34.28 billion. This sharp growth in the metric began last year, coinciding with a prior price rally. Interestingly, despite recent downward trends in the price, the transaction volume has continued to rise. As noted by IntoTheBlock, this indicates that whales are still actively engaged with the Toncoin protocol amidst market volatility.
This elevated whale activity could translate to increased market volatility. Given the scale of whale transactions, they possess the power to influence market prices significantly. As such, an uptick in large transactions may lead to notable price fluctuations in Toncoin.
While it’s challenging to predict the direction of this volatility, the Large Transactions Volume does not inherently indicate whether the activities are predominantly buying or selling. However, given this recent spike in activity following a price drop, it could align with dip-buying behavior among whales. Ultimately, only time will reveal the impact of this heightened activity on Toncoin’s overall pricing.
TON Price
Amidst a broader downturn in the cryptocurrency market over the past week, Toncoin has bucked the trend with a notable price rise of over 9%, elevating its price to $4.07.
