As a seasoned researcher who has weathered many market storms and witnessed countless crypto price fluctuations, I find it intriguing to observe the current surge in Toncoin (TON). The asset’s resilience following the recent price plunge due to external factors, such as the arrest of Pavel Durov, is a testament to its underlying strength.
For the first time since its recent price drop, Toncoin appears to be gaining positive momentum among traders, despite a decrease in large-scale transactions by whales.
Based on information from IntoTheBlock, there’s been a rise in optimistic feelings towards Toncoin (TON) within the last 24 hours.
TON recorded a 4.7% surge in the past 24 hours and is trading at $5.6 at the time of writing. The asset’s market cap surpassed the $14 billion mark, overtaking Tron (TRX) to become the ninth-largest cryptocurrency.
On The Open Network, the local currency experienced a significant surge in daily trading activity, jumping up by almost 100%, with a peak volume of approximately $1.3 billion.
On August 25, Toncoin experienced a significant drop from $6.8 to $5.3, possibly due to the news that Pavel Durov, the founder and CEO of Telegram, was taken into custody at an airport near Paris. According to a report by crypto.news on August 28, Durov is currently facing six charges, including terrorism and child abuse content, and is under supervised release.
According to ITB’s data, there was a significant decrease in the number of substantial whale transactions involving TON, from approximately 2,100 on August 26th to 864 on August 28th. This drop coincides with a lessening of the bearish trend surrounding the asset, suggesting a potential cooling down of the market.
Additionally, there was a significant rise in the quantity of TON tokens held by retail addresses, which collectively possess less than 0.1% of the total asset supply. This increase brought the number of tokens up from 438 million to an unprecedented 591 million coins, setting a new record high.
Currently, the proportion of Toncoin held by large investors (whales) has decreased by 3%, leaving them with approximately 88% of the entire supply.
On August 27th, a record high (ATH) of 2.23 million distinct wallets were actively using TON each day, while the total number of non-empty TON addresses stood at 43.82 million.
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2024-08-29 11:56