On-chain data shows the Toncoin (TON) whales have stepped up their activity level recently as their transaction volume has set a new high.
Toncoin Large Transactions Volume Has Crossed $34 Billion
According to data from the market intelligence platform IntoTheBlock, the Large Transactions Volume on the Toncoin network has continued to set new highs recently.
The “Large Transactions Volume” here refers to an indicator that keeps track of the total amount of volume that’s being moved around on the TON network using transfers valued at more than $100,000.
Generally, only the whale entities are capable of shifting such large amounts with single transactions, so this volume is assumed to represent the activity of the large traders.
When the value of this metric is high, it means the whales are participating in a high amount of transaction activity. Such a trend implies these humongous holders carry an active interest in the cryptocurrency.
On the other hand, the indicator being low suggests the the cohort may not be paying much attention to the asset, as its members aren’t making too many transactions.
Now, here is the chart shared by the analytics firm that shows the trend in the Toncoin Large Transactions Volume over the last few years:
Looks like the value of the metric has been on the rise in recent days | Source: IntoTheBlock on X
As displayed in the above graph, the Toncoin Large Transactions Volume has been climbing up for a while now and exploring new all-time highs (ATHs). Just last week, the metric rose to a fresh record of 9.03 billion TON (worth about $34.28 billion).
The indicator’s sharp growth began last year, just before the price rally came. Interestingly, even though the price has been rapidly moving down instead recently, the metric has maintained its upward trajectory. “This trend suggests that whales remain actively engaged with the protocol, even in the face of recent price volatility,” notes IntoTheBlock.
As for what this high whale activity could mean for the asset, the answer is volatility. Whale transactions are massive in scale, so they carry the potential to move the market. As such, when a large amount of such moves appear, the price can be probable to fluctuate in some direction.
Usually, it’s hard to say anything about where exactly the emerging volatility would take the cryptocurrency in, as the Large Transactions Volume contains no hints about whether buying or selling is dominant.
Considering that the latest burst of activity has come following a crash in the price, though, it’s possible that the transfers correlate to dip buying behavior. That said, it only remains to be seen what effect the high Large Transactions Volume would have on Toncoin’s price, if any.
TON Price
While the rest of the cryptocurrency sector has been in freefall during the past week, Toncoin has gone against the grain as its price has enjoyed a surge of more than 9%, which has taken its price to $4.07.
The price of the coin seems to have shot up over the past day | Source: TONUSDT on TradingView
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
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