Toncoin skyrockets 15% amid whales big moves
Toncoin (TON), currently ranked as the eighth most valuable cryptocurrency in terms of market capitalization, has seen an impressive surge of over 14% in the past day, elevating its market value to $17.92 billion. The currency experienced a significant rise from a low of $6.40 to a peak of $7.27 within the day, marking a notable recovery since the beginning of the week.
As of now, TON has experienced a 13.79% increase over the past 24 hours, reaching $7.12, and has climbed 24% over the week. This uptick aligns with the celebration of Telegram's 11th anniversary, occurring today, Aug. 14.
The TON blockchain, closely associated with the Telegram messaging service, has witnessed considerable activity, especially with large-scale transactions by major investors. The anticipation surrounding various mini applications and the expected announcement from DOGS (realDogsHouse) today has also played a role in propelling the price of TON.
A report by IntoTheBlock analyzed the TON network, observing a more than 19% increase in its trading volume over the last 24 hours, amounting to $500 million. This uptick in volume reflects a growing interest and engagement from both investors and traders.
The platform's growth is further evidenced by the Total Value Locked (TVL) on the TON network which, according to DeFiLlama, has escalated to $614 million from $596 million just a day prior. Such expansion in TVL showcases heightened user participation and trust in the DeFi capabilities of the TON blockchain.
Remarkably, the spike in TON's price is mirrored by an increase in high-volume transactions. Insights from IntoTheBlock indicate a dramatic 91.14% rise in hefty transactions, each exceeding the $100,000 mark, within the last 24 hours.
The Large Transaction Volume, reflecting the total carried out by institutional and high-net-worth individuals in a single day, serves as a gauge of heightened movement within this faction, whether it be through acquisitions or sales.
Over the past day, the Large Transaction Volume for Toncoin stood at $9.36 billion, equivalent to 1.45 billion TON.
This marked increase suggests a rising involvement of institutional players or whales within the TON ecosystem, a direction typically seen as a positive sign for the cryptocurrency's future trajectory.
