Toncoin (TON) Whales Just Went On $342 Million Buying Spree, Data Shows

On-chain data reveals the recent surge in Toncoin accumulation by whales, potentially signaling a bullish outlook for TON.

Toncoin Whales Accumulate Significantly

Analyst Ali Martinez's recent analysis indicates that Toncoin whales have engaged in substantial net buying. Santiment's "Supply Distribution" metric demonstrates the concentration of TON holdings within different investor groups.

Whales, defined as addresses holding 10,000 to 100,000 TON (worth $76,000 to $760,000), hold significant market influence.

Trend Analysis

The chart below illustrates the trend in Toncoin Supply Distribution for whales:

This metric has risen in recent days, indicating that whales have purchased over 45 million TON worth approximately $342 million within the past week.

Potential Bullish Implications

This accumulation coincides with TON consolidating after reaching a new all-time high last month. Whales may be anticipating further price rallies and accumulating accordingly.

This bullish sentiment is encouraging for Toncoin, although it can change rapidly. Monitoring the whale's Supply Distribution in the coming days is crucial.

Toncoin Price Performance

Toncoin has surged over 220% in 2024, currently trading around $7.6. The asset has gained significant market capitalization, becoming the eighth-largest cryptocurrency, surpassing Dogecoin (DOGE).

Market Cap

TON's market capitalization stands at approximately $18.7 billion according to CoinMarketCap.

Conclusion

Toncoin's recent whale accumulation suggests bullish expectations. However, the situation can change quickly, and monitoring the whale's Supply Distribution remains essential.