Whale Activity
Over the past week, Toncoin whales have been actively buying, accumulating over 45 million TON, worth approximately $342 million. This surge in whale buying comes after the cryptocurrency reached a new all-time high last month.
Whale Cohort
The whale cohort includes addresses holding between 10,000 and 100,000 TON. These large holders have significant influence in the market, and their movements can indicate market sentiment.
Bullish Sentiment
The recent whale buying spree suggests that these large holders are optimistic about Toncoin’s future value. They may be anticipating a further rally and are accumulating more TON in preparation.
Market Performance
Toncoin has had a strong performance in 2024, climbing over 220%. It is now the eighth-largest cryptocurrency by market cap, surpassing Dogecoin.
Monitoring Whale Activity
While the current whale sentiment is bullish, it can change quickly. It’s important to monitor the Supply Distribution of the whale cohort to gauge their ongoing sentiment. A significant drawdown in the indicator could indicate that whales are selling, which could lead to a bearish outcome for Toncoin.
