Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows

by

As a researcher with experience in cryptocurrency analysis, I find the recent trend of Toncoin whales accumulating large amounts of TON over the past week to be an intriguing development. Based on the data from Santiment’s Supply Distribution indicator, these whales have bought over 45 million TON, worth approximately $342 million.

Recent on-chain activity indicates that large Toncoin investors, or “whales,” have been actively purchasing large quantities of TON tokens over the last week. This increased buying activity might be a positive sign for the future price trend of TON.

Toncoin Whales Have Bought Large During The Last Seven Days

According to analyst Ali Martinez’s latest post on X, Toncoin’s large investors or “whales” have been making net purchases recently. An essential on-chain metric to consider in this context is Santiment’s “Supply Distribution,” which sheds light on the current ownership shares of different Toncoin holder groups.

As a crypto investor, I can explain that we categorize addresses or investors based on the quantity of coins they hold. For instance, those in the “1 to 10 coins” group own between 1 and 10 coins of a specific cryptocurrency.

In the ongoing conversation, the investors to keep an eye on are referred to as “whales.” This group consists of wallets holding between 10,000 and 100,000 TON tokens. At present exchange rates, the smallest investment in this category amounts to $76,000, while the largest is valued at approximately $760,000.

As a crypto investor with substantial holdings, I recognize the impact my actions could have on the market. My fellow investors in this category wield considerable influence due to their large stakes. Keeping an eye on their moves is essential as they can significantly shape price trends and market sentiment.

As a crypto investor, I’d like to draw your attention to this chart illustrating the development of Toncoin supply distribution among the whale community.

Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows

Based on the graph presented, it is evident that Toncoin investors among this particular group have engaged in substantial purchasing activities recently. To be more precise, these notable investors, referred to as “whales,” have acquired over 45 million TON within the last week or so, equating to a considerable value of approximately $342 million.

As a researcher studying the cryptocurrency market, I’ve observed that following the establishment of a new all-time high (ATH) last month, some significant purchases have been made by whale investors. This buying pattern could indicate their belief that the asset is poised for further growth, leading them to accumulate more holdings in anticipation.

The buoyant outlook held by the large investors towards Toncoin is a hopeful indicator. However, it’s essential to remain vigilant as their optimism could shift rapidly. Keeping a close watch on the Supply Distribution of this group in the near future would be prudent.

If the indicator shows a notable decrease in value, the cryptocurrency’s trend might become negative, indicating that some investors have chosen to offload their holdings.

TON Price

As a researcher studying the investment landscape in 2024, I’ve observed an impressive surge in Toncoin’s value. This asset has experienced significant growth, with its price soaring over 220% since the beginning of the year. Currently, Toncoin is trading at approximately $7.6 on various exchanges. The following chart illustrates this asset’s trajectory throughout 2024.

Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows

In terms of market capitalization, Toncoin now ranks as the eight largest cryptocurrency globally, surpassing Dogecoin (DOGE) in this category.

Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows

Read More

2024-07-02 06:41