Toncoin (TON) Whales Go On $342 Million Buying Spree: Data

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

Toncoin Whales Have Bought Large During The Last Seven Days

As explained by analyst Ali Martinez in a recent post on X, Toncoin whales have been energetic with net buying recently. The on-chain indicator of relevance here is the “Supply Distribution” from the analytics firm Santiment, which tells us in regards to the amount of TON the varied holder groups own without delay.

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

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

These holders carry significant amounts, which makes them hold a point of influence out there. As such, the movements of the members of this cohort will be value following.

Now, here’s a chart that shows the trend within the Toncoin Supply Distribution specifically for the whale cohort:

The worth of the metric appears to have been climbing in recent days | Source: @ali_charts on X

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

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

Naturally, this bullish sentiment among the many whales will be an optimistic sign for Toncoin. This could, nevertheless, change quickly, so the Supply Distribution of this cohort could also be to regulate in the approaching days.

If the indicator registers a big drawdown, the consequence could turn bearish for the cryptocurrency, as it might suggest these investors have decided to sell.

TON Price

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

Toncoin Price Chart

Looks like the worth of the asset has been on the rise over the previous few months | Source: TONUSD on TradingView

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

Toncoin Market Cap

The market cap of TON appears to be $18.7 billion in the meanwhile | Source: CoinMarketCap

Featured image from Dall-E, Santiment.net, CoinMarketCap.com, chart from TradingView.com

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