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Ton (TON) has seen a remarkable 257% increase in large transaction volume, indicating significant whale activity. This surge comes at a time when the cryptocurrency market is facing a downturn, with $321 million in liquidations.
The high trading volume, often associated with cryptocurrency whales (investors who hold substantial amounts of cryptocurrency), suggests that these major players could be actively selling or buying Toncoin despite the overall negative market trend.
According In the block According to data, Toncoinโs trading volume has skyrocketed by 257.65% over the past 24 hours to reach $7.58 million, or 962,270 TON in cryptocurrency terms.
Related
The cryptocurrency market has been hit by a wave of selling pressure, leading to a significant sell-off of several digital assets. Toncoin was no exception: it is currently down 9.16% over the past 24 hours and is trading at $7.10. The token is also down 7.68% over the past seven days.
What's happening?
Several potential factors could be driving the increase in whale activity in Tonnage coinWhales may 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 lead to increased interest and large transactions, with whales taking the lead.
Related
Last month, Telegram CEO Pavel Durov introduced a TON-pegged โStarsโ coin that would allow users to purchase digital goods and services through Telegram microapps within a cryptocurrency-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 value of $17.5 billion.
