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Cryptocurrency News Articles
Toncoin (TON) Reenters the Spotlight Amid a Large-Holder Transaction Boom
Oct 10, 2024 at 10:01 pm
Toncoin (TON) has reentered the spotlight amid a large-holder transaction boom. According to data from crypto analytics platform IntoTheBlock (ITB), TON whale transactions have jumped by more than 93% in 24 hours, with over $8 billion shifting hands.
Crypto analytics platform IntoTheBlock (ITB) has recorded a massive surge in large-holder Toncoin (TON) transactions.
The platform's data reveals that TON whale transactions increased by over 93% within 24 hours, with a total value exceeding $8 billion shifting hands.
IntoTheBlock reports that Toncoin recorded 1,960 large transactions within 24 hours. This spike coincides with the growing prominence of Tap-2-Earn (T2E) gaming applications within the Toncoin protocol.
In terms of volume, these whales spent a total of $8.02 billion to acquire approximately 1.58 billion TON. These figures are hardly surprising, given that the protocol has consistently attracted large transactions over the past quarter.
Over the past week, the large transaction volume varied from a low of 796.04 million TON to the current high.
The Toncoin ecosystem has also witnessed a substantial boost in its overall liquidity, which has supported the increasing adoption by whales.
Data from DeFiLlama indicates that the market cap of stablecoins on The Open Network has surpassed the $760 million benchmark. This growing liquidity is crucial for TON to maintain its momentum in the competitive layer-1 scaling solution ecosystem.
With this stablecoin volume, Toncoin ranks among the most liquid networks driving retail adoption.
Toncoin (TON) is a cryptocurrency that initially gained attention due to its association with the popular messaging platform Telegram. However, with the rise of Tap-2-Earn games like Notcoin (NOT) and DOGS on the TON blockchain, the coin has gained a new level of prominence.
Being the gas fee and utility asset of the TON ecosystem, Toncoin has played a unique role in powering these T2E applications. This development has attracted large token buyers to the scene, whose actions and influence continue to shape the coin's trajectory.
At the time of writing, the TON price is down 2.7% in 24 hours, currently trading at $5.045. This bearish outlook suggests that the full impact of the whale activity on the coin's price is yet to unfold. Stay tuned for updates on this developing story. Don't forget to follow us for future trading signals!
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