As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve witnessed numerous price surges and dips. However, today’s 14% jump by Toncoin (TON) on Telegram’s 11th anniversary is particularly intriguing. The coincidence between the anniversary and the surge isn’t lost on me, and it seems that TON has a knack for timing its rallies right!
Toncoin (TON), currently ranked eighth among cryptocurrencies by market capitalization, has experienced a significant surge of approximately 14% in the past day. This growth propelled TON’s market worth to an impressive $17.92 billion. Starting from a low of $6.40, Toncoin climbed to reach a peak of $7.27 during today’s trading. Since the beginning of this week, TON has been on a rebound.
In my current analysis, as I pen this down, TON has experienced a significant increase of approximately 13.79% over the past 24 hours, placing it at $7.12. On a weekly basis, its growth stands impressively at around 24%. This upward trend seems to align with the commemoration of Telegram’s 11th anniversary, which falls on today, August 14th.
On the TON blockchain, connected to the messaging service Telegram, there has been a surge in activity due to large investors making substantial moves. Furthermore, the collective impact of several mini-applications, along with anticipated updates from DOGS (realDogsHouse), are also thought to be driving up the price of TON.
According to a recent analysis by IntoTheBlock on the TON network, there has been a significant jump of over 19% in trading volume within the past day, reaching an impressive $500 million. This surge suggests heightened market engagement and growing curiosity among both dealers and financiers.
The increase in expansion is similarly seen in the Total Value Locked (TVL) for the TON network, as reported by DeFiLlama, now standing at $614 million, up from $596 million the previous day. This rise in TVL indicates heightened user interaction and growing trust in the TON blockchain’s Decentralized Finance (DeFi) sector.
Whales make major move
It’s worth mentioning that there’s been a significant surge in larger transactions on TON, which seems to align with its recent price rise. According to IntoTheBlock, there’s been a notable jump of around 91% in transactions surpassing $100,000 within the past day.
As a researcher examining financial transactions, I calculate the Total Amount Transacted by major players such as whales and institutional investors on a given day, which I refer to as Large Transaction Volume (LTV). A surge in LTV suggests heightened activity among these institutions, possibly indicating either increased buying or selling.
In the past day, Toncoin saw a substantial trading volume amounting to approximately $9.36 billion, which is equivalent to around 1.45 billion Ton coins.
As someone who has been closely following the world of cryptocurrencies for several years now, I have to say that the substantial growth within the TON ecosystem has caught my attention. With my experience in this field, I can confidently assert that such activity from whales and institutions is usually a bullish sign. In my personal investment journey, I’ve learned to pay close attention to these trends as they often indicate strong market momentum. The increasing activity within the TON ecosystem could be a promising development for those who are invested or considering investing in this space.
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2024-08-14 17:37