Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows
Release: 2024/07/02 11:30 Reading: 206
Toncoin Whales Fuel Accumulation Drive, Signaling Bullish Price Outlook
Recent on-chain data indicates substantial buying activity among Toncoin whales over the past week, a development that could augur well for TON's price trajectory.
Whales Bulk Up on TON
As highlighted by analyst Ali Martinez, the "Supply Distribution" metric from Santiment reveals a surge in whale accumulation. This metric measures the distribution of TON across various holder groups, with whales representing those holding between 10,000 and 100,000 TON.
In the past week, whales have accumulated over 45 million TON, worth approximately $342 million. This buying spree coincides with TON's consolidation phase following last month's all-time high.
Bullish Signal from Whales
The whale accumulation suggests that these large holders anticipate further price appreciation for TON. Historically, whale sentiment has been an influential indicator in cryptocurrency markets.
Cautious Optimism
While the whale accumulation is a positive sign, caution is warranted. If the whales reverse their positions and start selling, it could indicate bearish pressure on TON. Therefore, monitoring the Supply Distribution indicator in the coming days is crucial.
TON Price Performance
Toncoin has surged over 220% in 2024, currently trading around $7.6. This impressive performance has propelled TON into the top eight cryptocurrencies by market capitalization, surpassing Dogecoin.
Conclusion
The recent accumulation by Toncoin whales is a bullish signal that could support further price gains. However, it remains essential to monitor the whales' behavior closely as their actions can significantly impact TON's market dynamics.
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