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Cryptocurrency News Articles
Toncoin (TON) Whales Boost Price, But the Desire for Profit May Lead to a Decline
Oct 07, 2024 at 04:36 pm
Over the past week, Toncoin (TON) whales have capitalized on recent dips to buy more tokens. This has led to a resurgence in the demand for the altcoin
Cryptocurrency whales have played a significant role in influencing the price movements of Toncoin (TON) over the past week. Here's a summary of their activity and its impact on TON's value.
Increased Accumulation by TON Whales
According to data from IntoTheBlock, TON whales, defined as addresses holding over 0.1% of the circulating supply, have ramped up their accumulation. This is evident in the 124% surge in large holders' netflow over the past seven days.
This metric measures the netflow of an asset, indicating the difference between the coin bought and the coin sold by an address over a specified period. A positive value signifies that the address is buying more coins, while a negative value indicates selling.
Rising Price and Transaction Profitability
The surge in whale activity has coincided with a rise in Toncoin's price from last weekend. This price increase has led to a higher proportion of transactions yielding profits.
As of Monday, the ratio of TON's daily transaction volume in profit to loss stands at 3.61, the highest in ten days. This indicates that for every transaction ending in a loss today, 3.61 transactions have turned a profit.
While this is a positive signal for TON holders, it also carries potential risks. The higher possibility of profit might encourage investors to sell, ultimately increasing selling pressure.
Possible Price Movement Scenarios
The pursuit of profit could lead to contrasting outcomes for Toncoin's price, depending on the balance between buying and selling.
If TON experiences a surge in demand, largely driven by the whale activity, its price could rally by 27%, reaching $6.81 — a level it has struggled to surpass since June.
However, if the pursuit of profit triggers more selling, Toncoin's price may drop by 18%, potentially falling to $4.42.
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