Toncoin Whale Activity Surges in 24 Hours

Toncoin whales are making waves with a staggering $7.94 billion transacted in just one day, a 90% spike that defies the recent slump seen in Ethereum's volume.

Toncoin (TON) is making waves with a staggering $7.94 billion in whale transactions recorded within a single day, marking a 90% spike. This surge comes as the recent market slump has seen a decline in whale activity for other top ten currencies.

As Toncoin whales make their presence felt, the massive transactions (valued at $100,000 or more) have surged with the coin. This activity coincides with a slight uptick in Toncoin's price, rising from $4.6k to $4.938 at the time of writing, indicating a gain of 2.10%.

Toncoin's rising influence is further highlighted by the contrasting trend observed in Ethereum (ETH) volume. While Toncoin has seen a surge in whale transactions, ETH has experienced a decline of over 10% in a comparable metric. This disparity showcases the shifting dynamics within the top ten currencies.

Despite the recent market downturn, which has seen a decline in trading volume for most cryptocurrencies, Toncoin has managed to defy the trend with a 90.78% increase in big transactions, as reported by IntoTheBlock.

This surge in large transactions has brought the total volume recorded by Toncoin whales to $7.94 billion in the last 24 hours, according to data from IntoTheBlock. In contrast, the larger Ethereum chain has seen a decrease of over 10% in a comparable metric, with a volume of $5.7 billion.

The massive support from the community is evident in these figures, which further contribute to the rising enthusiasm surrounding TON.

As Toncoin's price edges up with increasing activity, the coin could potentially break over the $5 barrier mark if the overall trend continues. This would pave the way for new highs to be reached by the coin.

However, to sustain Toncoin's success, the Open Network (TON), which powers the coin, needs to continue innovating. Currently, Notcoin and DOGS, two of the primary decentralized applications (dApps) on TON, are not garnering the same level of attention as they did a few weeks ago.

For Toncoin to achieve new heights and reach its all-time high of $8.24 again, new projects will need to emerge and drive up the coin's usage with compelling use cases.