Whales Are Heavily Buying Toncoin, And the Coin Outperformed Dogecoin
The TON ecosystem continues to attract an increasing number of users. On-chain data showed that large investors are actively buying Toncoin.
Whales have been actively accumulating their holdings in Toncoin over the past week, as evidenced by on-chain data. This could indicate bullish momentum for the native blockchain token TON. Large investors who hold between 10,000 and 100,000 TONs have participated in the net accumulation. This was pointed out by analyst Ali Martinez.
In the past seven days, these whales have bought more than 45 million TONs worth $342 million. This buying on the part of the whales came amidst the consolidation of the cryptocurrency after setting a new all-time high last month. That indicates that these large investors expect the coin to grow further in the near term.
While the whale accumulation may seem like a bullish indicator, it's worth keeping an eye on further token distribution. A significant drawdown could indicate bearish momentum.
At the time of writing, TON is trading at $8, approaching an all-time high. The coin has gained 25% in the last month, and the coin has grown 472% in a year.
TON's recent gains have caused the coin to overtake Dogecoin in terms of market capitalization.
One of the factors behind TON's growth was the recent updates in the Telegram ecosystem, as well as the popularity of mini-apps.
