Whales are making waves in the Toncoin (TON) ecosystem, orchestrating transactions worth over $1 billion in recent movements as highlighted by Joao Wedson, Founder & CEO of DominandoCripto. This substantial activity, largely controlled by the biggest players in the network, is reshaping the landscape of Toncoin and its market dynamics.
The distribution of transactions on the Toncoin blockchain unveils intriguing insights into the network’s operation. While transactions ranging from 0 to 100 TON comprise 99% of all transactions, their impact remains relatively subdued, moving only around 4 to 5 million TON on the blockchain.
However, transactions spanning between 100,000 and 1 million TON dominate the volume, recently peaking at 135 million TON, constituting a staggering 53% of the total volume. Transactions surpassing 1 million TON, though fewer in number, still command a significant share, contributing 30% to the total volume.
The data unequivocally point towards the dominance of Toncoin whales, whose activities wield considerable influence over the blockchain’s operations and consequentially, the price dynamics of TON. These whales, with their massive holdings, dictate market sentiment and play a pivotal role in shaping Toncoin’s trajectory.
Transactions exceeding $1 million have set unprecedented records, surpassing $1.3 billion in a single day. Intriguingly, surges in high-volume transactions often trigger positive reactions in the price of Toncoin. This symbiotic relationship between transaction volume and price underscores the intricate interplay between market dynamics and whale activities within the Toncoin ecosystem.
At press time, Toncoin is valued at $6.43, with a 24-hour trading volume totaling $340,383,116. Despite a minor decrease of 4.36% within the past day, Toncoin maintains a neutral stance, as evidenced by its 1-Day RSI reading of 53.97.
However, there are indications of bullish momentum building in the short term, with the 1-Day MACD trading above the signal line and the 1-Day KST signaling a positive trend above the zero line, suggesting strong upward momentum.
