On-chain
data
suggests
the
Toncoin
whales
have
participated
in
significant
accumulation
over
the
past
week,
which
could
be
bullish
for
TON.
Toncoin
Whales
Have
Bought
Large
During
The
Last
Seven
Days
As
explained
by
analyst
Ali
Martinez
in
a
new
post
on
X,
Toncoin
whales
have
been
active
with
net
buying
recently.
The
on-chain
indicator
of
relevance
here
is
the
“Supply
Distribution”
from
the
analytics
firm
Santiment,
which
tells
us
about
the
amount
of
TON
the
various
holder
groups
own
right
now.
The
addresses
or
investors
are
divided
into
these
groups
based
on
the
number
of
coins
they
carry
in
their
balance.
For
example,
the
1
to
10
coins
cohort
includes
all
addresses
that
own
at
least
1
token
and,
at
most,
10
tokens
of
the
cryptocurrency.
In
the
context
of
the
current
discussion,
the
investors
of
interest
are
the
whales.
This
cohort
includes
addresses
carrying
between
10,000
and
100,000
TON.
At
the
current
exchange
rate,
the
lower
limit
of
the
range
is
worth
$76,000,
while
the
upper
one
is
$760,000.
These
holders
carry
significant
amounts,
which
makes
them
hold
some
degree
of
influence
in
the
market.
As
such,
the
movements
of
the
members
of
this
cohort
can
be
worth
following.
Now,
here
is
a
chart
that
shows
the
trend
in
the
Toncoin
Supply
Distribution
specifically
for
the
whale
cohort:
The value of the metric appears to have been climbing in recent days | Source: @ali_charts on X
As
displayed
in
the
above
graph,
the
Toncoin
investors
in
this
group
have
recently
participated
in
some
net
accumulation.
More
specifically,
these
whales
have
bought
more
than
45
million
TON
in
the
past
week
or
so,
worth
a
whopping
$342
million.
This
buying
from
the
whales
has
come
as
the
cryptocurrency
has
been
consolidated
since
setting
a
new
all-time
high
(ATH)
last
month.
This
could
mean
that
these
large
holders
are
anticipating
the
asset
to
rally
further
from
here,
so
they
are
filling
their
bags.
Naturally,
this
bullish
sentiment
among
the
whales
can
be
an
optimistic
sign
for
Toncoin.
This
can,
however,
change
quickly,
so
the
Supply
Distribution
of
this
cohort
may
be
to
keep
an
eye
on
in
the
coming
days.
If
the
indicator
registers
a
significant
drawdown,
the
outcome
could
turn
bearish
for
the
cryptocurrency,
as
it
would
suggest
these
investors
have
decided
to
sell.
TON
Price
The
year
2024
has
been
great
for
the
investors
of
Toncoin
as
the
asset
has
climbed
up
more
than
220%
during
this
period,
and
its
price
now
trades
around
$7.6.
The
chart
below
shows
what
the
trajectory
for
the
asset
this
year
has
looked
like.
Looks like the price of the asset has been on the rise over the last few months | Source: TONUSD on TradingView
Regarding
the
market
cap,
Toncoin
has
grown
into
the
eighth-largest
cryptocurrency
in
the
world,
edging
ahead
of
Dogecoin
(DOGE).
The market cap of TON seems to be $18.7 billion at the moment | Source: CoinMarketCap
Featured
image
from
Dall-E,
Santiment.net,
CoinMarketCap.com,
chart
from
TradingView.com
Go to Source
Author: Keshav Verma
