Whales of Toncoin (TON) have become much more active. Major transaction volumes revealed by on-chain data point to increased activity among important holdings as the market moves toward recovery following an adverse start to the week.
Data from IntoTheBlock indicates that over the past 24 hours, the cryptocurrency connected with the well-known Telegram platform has seen a remarkable rise in major transaction volume. With a spike of 1.74 million TON or roughly $12.42 million, whale investors show an increasing interest even as Toncoin’s price falls.
Toncoin’s Recent Price Movement
TON’s price dropped 2.53% over the past 24 hours at the time of writing; it is now $6.90. Following an outstanding surge that drove Toncoin to an all-time high of $8.24 on June 15, this signals an extension of a two-day fall. Analysts speculate that since bulls might take a break, the recent whale activity could be a forerunner of the next notable market action.
Further understanding of Toncoins’s present market dynamics comes from Santiment’s Market Value to Realized Value (MVRV) indicator. Average trader returns can be calculated using the MVRV ratio, which contrasts the realized value of a cryptocurrency-asset with its market value.
A lower 30-day MVRV usually implies that the asset is undervalued and may be due for a temporary price increase; a greater ratio suggests possible overvaluation and an upcoming market correction.Based on Santiment’s 30-day MVRV of -0.6%, a neutral region indicating that TON’s market value is somewhat near to its realized value.
This neutrality implies that Toncoin is neither greatly overpriced nor undervalued, so the short-term price prediction is uncertain.Under these circumstances, the probability of a temporary rebound is still unknown, hence investors have to look for other signals to direct their trading plans.
Nevertheless, the significant whale activity may point to underlying confidence in Toncoin’s long-term future even if the immediate price movement is yet unknown.
