The number of significant transactions in Toncoin (TON) has increased by 257%, which suggests that cryptocurrency “whales” are more active than usual. This rise happens at a time when the crypto market as a whole is going down, with $321 million worth of assets being sold off.
The rise in substantial transactions, which are usually caused by whales with a lot of crypto, shows that Toncoin is being traded actively, even though the market is generally negative.
IntoTheBlock data shows that the number of major transactions involving the token has increased by 257.65% in the last 24 hours, equal to $7.58 million or 962,270 TON.
Toncoin Faces Market Pressures
There has been a lot of selling pressure on the crypto market, which has caused many digital assets to drop in value. TON has also been hit hard. Its price has dropped 9.16% in the last day and is now selling at $7.10. It has gone down by 7.68% in the last week.
There may be more whale action in Toncoin for a number of reasons. Whales might be carefully buying TON in case the price changes or something new happens in the Toncoin ecosystem in the future.
Upcoming technical advances or positive developments about Toncoin could also be making people more interested and leading to bigger transactions, as whales plan their moves.
Telegram CEO Pavel Durov released “Stars,” a digital currency linked to TON, last month. It lets users buy digital goods and services in Telegram’s microapps using a cryptocurrency-backed economy. Telegram mini-app developers can now charge Stars, which can be changed into Toncoin, for items and services.
With a market capitalization of $17.5 billion, TON is the eighth most expensive cryptocurrency right now.
