Toncoin (TON) Price Rises as Whale Activity Rises Above 200%
In an unprecedented development, Toncoin (TON) has emerged as the favorite asset on crypto whales’ radars. According to the post shared by crypto market analyst Ali Martinez today, June 3, it was noted that large TON transactions increased by 237.5% in the last 24 hours.
This phenomenon has created significant optimism about the ‘Open Network’ token introduced by Telegram founder Nikolai Durov. Let’s take a closer look at why the token has emerged as a hot topic in crypto town.
Increase in On-Chain Activity Increases Investor Excitement
Martinez recently discussed X, noting that large transactions, particularly those over $100,000, were up 237.5% in the past day. Meanwhile, looking at the broader timeframe charts, one can see that the spike in large transactions started around the time this year’s bull cycle began in March.
Toncoin has risen from a low of $2 to a very high price level of $7 since March. This may have led to a strategic shift in the investment strategies of crypto whales, thus leading to increased on-chain activity for crypto.
Additionally, a post shared by Anthony Tsivarev noted that daily active users on the ton blockchain reached a new ATH, reaching 605.9 thousand active users. This created additional bullish sentiment in Toncoin.
Meanwhile, TON price traded primarily in the green today, in line with the bullish market statistics mentioned above.
Also Read: Bitcoin ETF: Wisconsin Board of Investment Places $160 Million Bet on BTC, Is Price Ahead for a Rise?
TON Price Is Rising
As of this writing, TON’s price chart has increased by 3.56% in the last 24 hours, reaching $6.72. The token’s 24-hour lows and highs are $6.46 and $7.03 respectively.
Monthly charts show TON’s price rise of 22.98%. On the other hand, Coinglass data points to an upward trend in the market for crypto money; futures OI rose 1.80% to $200.79 million, followed by derivatives volume rising a staggering 224.67% to $542.07 million.
These data also support the aforementioned increase in on-chain transactions and the market optimism triggered by this phenomenon.
Also Read: MicroStrategy and Michael Saylor Deny Wrongdoing Despite $40 Million Settlement in Tax Fraud Case
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