Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows

Share This Post

On-chain data suggests the Toncoin whales have participated in significant accumulation over the past week, which could be bullish for TON.

Toncoin Whales Have Bought Large During The Last Seven Days

As explained by analyst Ali Martinez in a new post on X, Toncoin whales have been active with net buying recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us about the amount of TON the various holder groups own right now.

The addresses or investors are divided into these groups based on the number of coins they carry in their balance. For example, the 1 to 10 coins cohort includes all addresses that own at least 1 token and, at most, 10 tokens of the cryptocurrency.

In the context of the current discussion, the investors of interest are the whales. This cohort includes addresses carrying between 10,000 and 100,000 TON. At the current exchange rate, the lower limit of the range is worth $76,000, while the upper one is $760,000.

These holders carry significant amounts, which makes them hold some degree of influence in the market. As such, the movements of the members of this cohort can be worth following.

Now, here is a chart that shows the trend in the Toncoin Supply Distribution specifically for the whale cohort:

Toncoin Whales

As displayed in the above graph, the Toncoin investors in this group have recently participated in some net accumulation. More specifically, these whales have bought more than 45 million TON in the past week or so, worth a whopping $342 million.

This buying from the whales has come as the cryptocurrency has been consolidated since setting a new all-time high (ATH) last month. This could mean that these large holders are anticipating the asset to rally further from here, so they are filling their bags.

Naturally, this bullish sentiment among the whales can be an optimistic sign for Toncoin. This can, however, change quickly, so the Supply Distribution of this cohort may be to keep an eye on in the coming days.

If the indicator registers a significant drawdown, the outcome could turn bearish for the cryptocurrency, as it would suggest these investors have decided to sell.

TON Price

The year 2024 has been great for the investors of Toncoin as the asset has climbed up more than 220% during this period, and its price now trades around $7.6. The chart below shows what the trajectory for the asset this year has looked like.

Toncoin Price Chart

Regarding the market cap, Toncoin has grown into the eighth-largest cryptocurrency in the world, edging ahead of Dogecoin (DOGE).

Toncoin Market Cap

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Analyst Predicts Dogecoin And Altcoins’ Next Surge – Here’s The Timeline

In a series of posts shared on X, crypto analyst Kevin has mapped out a bullish scenario for Dogecoin and altcoins should the US Federal Reserve shift its monetary policy toward easing later this

8,000 BTC Still Buried as Appeal Denied—Bitcoin Recovery Fight Heads to Europe

A British man’s desperate fight to recover about 8,000 lost bitcoin—worth hundreds of millions—has been blocked again, pushing him to take his battle to Europe Appeal Denied: 8,000 BTC Trapped

Dogecoin Price Repeats Pattern From 2021 That Could Trigger Rally Above $10

A crypto analyst’s long-term technical analysis of the Dogecoin price highlights a repeating historical pattern from 2021 The analyst suggests that if Doge‘s price action can completely mirror

Ripple’s New Trademark Filing Sparks Speculation on Upcoming Crypto Wallet

The post Ripple’s New Trademark Filing Sparks Speculation on Upcoming Crypto Wallet appeared first on Coinpedia Fintech News Ripple Labs, the blockchain company behind the XRP token, has

Wazirx Preps for Relaunch With Zodia Custody, Backed by Banking Powerhouses

Wazirx is gearing up for a high-stakes relaunch after a major security breach, partnering with Zodia Custody to reinforce asset security and rebuild user trust Wazirx Is Gearing Up for High-Stakes

XRP To Triple Digits? Analyst Confident In $100 Price Goal

As one of the top-performing digital assets in the 4Q of 2024, it’s only natural that Ripple’s XRP attracts attention from its detractors and bullish supporters The bearish sentiment has been