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Toncoin (TON) is setting the pace for whale transaction count as the market seeks to maintain a balance between coins with a bearish trend and those sustaining their bullish momentum. Toncoin falls on the latter side of the aisle, building on the momentum it has registered since the start of this year.
Mushumir ButtAccording to an update from top market analyst Ali Martinez, Toncoin whale transactions soared by more than 237% in a single day. By definition, IntoTheBlock noted that whale transactions are those valued at $100,000 or more. As observed on the charts shared by Martinez, the Toncoin whale transaction soared from a low of five transactions over the past week to 27 as of June 3.
Whale transactions have a way of shifting the narrative around the price of a particular digital currency. With more accumulation, the supply of the cryptocurrency in circulation is reduced, forcing a major crunch which, when matched with sustained demand, can drive the price of the coin higher.
At the time of writing, TON, the native token of Toncoin, is up by 2.76% in the past 24 hours to $6.79. One intriguing trend was observed in the Toncoin ecosystem that further underscored the role of TON whales in fueling the price surge. The daily trading volume is down by more than 58% to $208,461,709.
Dan BurginOne major factor driving the TON whale transaction is the market action around Notcoin (NOT), the sensational token that launched on The Open Network in May. Notcoin is trying to carve a niche for itself as both a meme coin and a play-2-earn (P2E) game, one that has made it see a surge to an all-time high (ATH) of $0.02896 atop 201% growth in the trailing seven-day period.
Toncoin remains in the top 10 list of most capitalized coins joining the altcoins, keeping Shiba Inu (SHIB) out of the top 10.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin