As a seasoned crypto investor with battle-tested nerves and a knack for reading market trends, I find myself intrigued by the recent events surrounding Toncoin (TON). The arrest of Pavel Durov, the charismatic CEO of Telegram, has undeniably stirred up a whirlwind in the crypto sphere.
The arrest of Pavel Durov, head of Telegram, boosted the demand for Toncoin as big investors kept buying, thereby increasing the urgency among smaller sellers to offload their Toncoins.
As reported by IntoTheBlock, an astounding 92% of Toncoin (TON) is controlled by whales and large investors who own more than 0.1% of its total 5.1 billion supply. The remaining 8%, however, is distributed among retail investors, each possessing less than 0.1% of the overall TON tokens.
It appears that significant TON token owners amassed approximately 13.14 million tokens, as the value of the asset dipped beneath the $6 threshold and reached its lowest point of $5.32 on August 25th. In simpler terms, large holders bought more TON when its price dropped to these levels.
After Durov’s arrest in France, there was a dramatic 20% drop in the price of Toncoin. This sudden decline led to a decrease in TON‘s market capitalization by approximately $3.8 billion, causing it to slide from eighth to eleventh place among the top cryptocurrencies in terms of value.
Consequently, TON began regaining some of its losses once the crypto community rallied behind the Telegram founder.
Toncoin has risen by 2% over the last day, currently valued at $5.62 per unit. At this moment, its total market value exceeds $14 billion, with a daily trading volume of around $1.2 billion.
Remarkably, TON reached a peak of $5.93 during the day, but failed to sustain this level due to mounting selling forces.
The data indicates that Toncoin’s current price level might be slightly undervalued, given its Relative Strength Index of 44. It’s worth noting that substantial price swings may be typical for Toncoin due to the prevailing apprehension surrounding the asset.
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2024-08-26 13:28