Toncoin whale transactions soared by 237% in 24 hours
Toncoin (TON) is leading the charge in terms of whale transaction volume as the crypto market wrestles to find equilibrium between tokens experiencing a downtrend and those maintaining an ascendant trajectory. TON is among the tokens preserving their upward momentum, building on the growth it has experienced since the beginning of the year.
Market expert Ali Martinez recently highlighted that Toncoin's whale transactions witnessed a staggering increase of over 237% in a single day. IntoTheBlock points out that transactions amounting to $100,000 or more fall into the whale category. Martinez's analysis shows a jump in Toncoin's whale transactions from a mere five in the preceding week to 27 on June 3.
The influence of whale transactions on a cryptocurrency's market price cannot be understated. Increased buying activities from these large stakeholders can reduce the available supply of the cryptocurrency, leading to a price surge when demand remains constant or increases.
As of the current write-up, Toncoin's native currency, TON, has seen a 2.76% increase over the past 24 hours, reaching a value of $6.79. An interesting observation within the Toncoin market is the significant impact of TON whales on the token's price elevation, despite a reported 58% decrease in daily trading volume to $208,461,709.
A specific catalyst propelling the TON whale transactions is the buzz surrounding Notcoin (NOT), an extraordinary token that debuted on The Open Network in May. Notcoin distinguishes itself through its unique position as both a meme coin and a play-to-earn (P2E) gaming token, a strategy that has propelled its value to an all-time high (ATH) of $0.02896, witnessing a remarkable 201% uptick in a week.
Moreover, Toncoin secures its place among the top 10 most capitalized coins, thereby excluding Shiba Inu (SHIB) from the top tier of altcoins.
