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- Toncoin whales are active and conducting large discount buyups of TON.
- Market sentiment is largely varied, with expectations of volatility cool-off and a price surge in the near term.
Recent on-chain data reveals increased whale activity in Toncoin (TON), the 13th-largest crypto by market capitalization. In just 24 hours, Toncoin whale transaction volume skyrocketed by 94% despite bearish sentiments in the general market.
Surge in Toncoin Whale Transaction Volume
According to IntoTheBlock data, Toncoin has recorded 1.54 trillion TON in large transaction volumes or $8.21 billion in monetary terms. This spike represents a 94% surge in the last 24 hours.
Large transactions refer to amounts exceeding $100,000 and represent moves by high-networth investors, called whales or institutional players. Typically, a spike in large transaction volume suggests increased whale activity. This could either be buying or selling.
This spike in activity draws attention, particularly amid an extended market sell-off, from Tuesday’s session into Thursday. CoinGlass data shows crypto liquidations valued at about $523 million in the last 24 hours. The huge liquidations across the market indicate the selling pressure that has hit several digital assets.
The flagship cryptocurrency, Bitcoin (BTC), slipped for the third consecutive day, down 3.1% in the last 24 hours. Other cryptocurrencies like altcoins and memecoins did not escape from the bleeding. Dogecoin (DOGE) is down 7.8%, while Cardano (ADA) has fallen 8.35% in the last 24 hours.
As regards TON, it is currently trading at $5.12. The price is down 3.25% in the last 24 hours and 9.76% in the past week.
The decline in TON’s price amid the increase in whale activity could indicate accumulation by large holders or preparations for larger market moves. Whales may be positioning themselves for a potential price increase by purchasing TON at the current discount. If this is the case, it may indicate that TON’s long-term prospects are promising.
Per a CNF report, analysts have forecasted TON to hit a new all-time high of $7.33 by January 9, 2025. Some other analysts predicted that TON could hit $26.60 by the end of the year.
Inflation Concerns Fuel Market Sell-off
Meanwhile, the ongoing market sell-off is largely attributed to the persistent inflation concerns in the United States. Notably, the decline in the market continued following the release of the Federal Reserve’s December Meeting minutes on Wednesday.
Fed officials disclosed during the meeting that the interest rate cuts might slow down this year, raising inflation concerns among investors. Participants cited prospective changes to trade and immigration policy and recent stronger-than-expected readings on inflation as justifications for this decision.
This week has seen the release of numerous job data as investors anxiously anticipate Friday’s nonfarm payrolls report. This report is one of the last important data scheduled for release before the Fed’s end-of-January meeting.
While the market is showing an intense bearish trend at the moment, the inauguration of President-elect Donald Trump may shift the trend in the coming weeks.
