Over the past 24 hours as a researcher, I’ve noticed an impressive spike in substantial transaction activity related to Toncoin (TON). This surge suggests that ‘whales’ or large-scale investors might be actively involved. Interestingly, data from IntoTheBlock shows that TON’s large transaction volume has experienced a 104% increase over the same period, amounting to approximately $8.13 billion.
An increase in significant transactions suggests heightened involvement from ‘whales’, who are either purchasing or offloading. The rise in whale activity related to TON aligns with a series of forced sales due to margin calls in the market.
As I pen down these words, TON is surging by 2.79% over the past 24 hours, reaching a value of $5.39. This upward trend seems to align with the broader crypto market recovery we’re witnessing right now. In fact, within this same period, an impressive $127 million worth of shorts have been liquidated, as per CoinGlass data.
The rising number of transactions suggests growing curiosity and action among Toncoin users, as they capitalize on the present market upswing by trading.
As transaction volumes increase significantly, it appears that Toncoin is preparing for a significant advancement. Yet, this could heavily rely on the progression of the overall market uptrend and the mood of investors.
Shorts crushed by market
Today, the prices of cryptocurrencies bounced back after their significant drop on Monday. Notably, Bitcoin (BTC) peaked at around $97,705 during today’s trading, as investors assessed the most recent release of U.S. inflation figures and anticipate further data in the future.
The abrupt surge in market prices has sent short sellers running for cover. Over the past day, short positions across the cryptocurrency market have been closed, with a total of $127 million in liquidations reported within the same timeframe, according to CoinGlass data, as the price trend worked against them.
Rapid liquidations take place when traders who anticipated a drop in price are compelled to repurchase their holdings at elevated costs, which triggers a chain reaction that intensifies price growth. This intense selling has been exerting an upward influence on the market, causing prices to rise and trading activity to surge.
On Wednesday, the release of the Consumer Price Index (CPI) report might add more turbulence to the financial markets and offer additional insights to investors about the potential direction of the Federal Reserve’s monetary policy for the remainder of the year.
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2025-01-15 15:52