Advertisement
AD

Main navigation

Toncoin (TON) Whales Waking up After Price Collapse

Advertisement
Wed, 28/08/2024 - 12:38
Toncoin (TON) Whales Waking up After Price Collapse
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Even though the asset faces many obstacles, Toncoin is currently seeing a dramatic shift on the market as significant buying activity emerges. Due to both internal and external pressures, Toncoin's price has dropped by about 20% in recent days.

Advertisement

Some investors, especially whales, have not let this steep decline stop them from jumping in to buy the dip, though. Recently, a prominent whale who goes by Shan gained notoriety when he bought 38,282 TON on the Ethereum network for $200,000 USDT, or $5.22 per TON

Article image
TON/USDT Chart by TradingView

TON is being accumulated by major investors despite the asset's recent struggles, a trend that is reflected in this large transaction. The arrest of Pavel Durov, the man behind the TON blockchain and the founder of Telegram, is largely to blame for the decline in the value of Toncoin.

Durov was detained in Paris and is being prosecuted on a number of counts, the details of which are still being withheld. Following his arrest, a number of nations have formally requested clarification on the reasons behind his detention, sparking an international diplomatic response. To further compound the uncertainty surrounding Toncoin's future, it is still unclear if Durov will be released. 

Advertisement

A spike in network traffic recently caused the TON blockchain to halt on top of the legal issues. The asset's price has declined even more as a result of this disruption, which has eroded trust in the stability of the blockchain. As a result, the community and TON-based initiatives have come together to raise money in order to support Durov and possibly secure his release.

The surge in buying activity, especially from whales, indicates that some investors may still be hopeful about a price reversal despite these obstacles. The significant amount of money entering Toncoin is driving up the price from its recent lows, suggesting that there may still be hope for a turnaround.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD