Toncoin (TON) Skyrockets 94% in Whale Moves Amid $482 Million Market Sell-Off

Massive Whale Activity Drives Toncoin (TON) Surge

Despite a broader crypto market sell-off of $482 million, TON has witnessed a surge in large transaction volumes, signaling significant whale activity. On-chain data indicates an increase in TON transactions exceeding $100,000, suggesting active accumulation or redistribution by large holders.

While the crypto market continues to experience selling pressure, liquidating $482 million in positions, Toncoin has bucked the trend with a 94% increase in large transaction volume over the past 24 hours, totaling $8.21 billion. This increase is typically indicative of whale activity, either buying or selling. Notably, TON is displaying signs of recovery, rebounding by 0.09% in the last 24 hours.

Inflation Concerns Spur Market Sell-Off

The crypto market's sell-off has been fueled by inflation concerns following the release of the Federal Reserve's December Meeting minutes on Wednesday. Fed officials indicated the possibility of a slower pace of interest rate cuts this year, raising concerns about inflation.

The minutes revealed that "almost all participants judged that upside risks to the inflation outlook had increased." This judgment was attributed to stronger-than-expected inflation readings and potential changes in trade and immigration policy.

Investors are closely monitoring job data released this week, with a particular focus on the nonfarm payrolls report on Friday. This report is expected to provide critical insights ahead of the Fed's meeting at the end of January.