Altcoin
Toncoin (TON) Price Soars As Whale Activity Surges Over 200%
In an unprecedented development, Toncoin (TON) appears to have emerged as the favorite asset on crypto whales’ radars. According to a post shared by the crypto market analyst Ali Martinez today, June 3, it was brought to attention that large TON transactions have surged 237.5% in the past 24 hours.
This phenomenon has garnered significant optimism on the ‘The Open Network’ token, which was introduced by Nikolai Durov, the founder of Telegram. Here’s a closer look into why the token is emerging as a hot topic in the crypto town.
On-Chain Activity Surge Drives Investor Enthusiasm
Martinez recently took to X, spotlighting that large transactions, particularly those over $100,000, have surged by 237.5% over the past day. Meanwhile, upon looking at the broader time frame charts, it can be seen that the sudden surge in large transactions began around the same time this year’s bull cycle kicked in, March.
Toncoin has surged from a slumping low of $2 to a whopping $7 price level since March. This might have prompted a strategic shift in crypto whales’ investment strategies, thereby birthing an on-chain activity surge for the crypto.
Further, a post shared by Anthony Tsivarev pointed out that the daily active users on the ton blockchain reached a new ATH, reaching 605.9K active users. This has garnered additional bullish sentiments on Toncoin.
Meanwhile, TON’s price traded primarily in the green today, aligning with the abovementioned bullish market statistics.
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TON Price Soars
As of writing, TON’s price chart illustrated gains worth 3.56% in the past 24 hours, reaching $6.72. The token’s 24-hour bottoms and peaks are $6.46 and $7.03, respectively.
Monthly charts illustrate a 22.98% price rally taken by TON. Whereas, Coinglass data further flags a market uptrend for the crypto, as its futures OI jumped 1.80% to $200.79 million, followed by a derivatives volume upswing of a staggering 224.67% to $542.07 million.
This data further supports the abovementioned surge in on-chain transactions and the market optimism propelled by this phenomenon.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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